| NEW YORK, March 6
NEW YORK, March 6 Hasbro Inc is
cutting about 170 jobs as the second-largest U.S. toy company
tries to recover from sluggish sales during the holiday season.
Most of the jobs are in the United States and Canada,
company spokesman Wayne Charness said, including "about 55" in
Rhode Island where it is based.
"These moves were made to address both the under-performance
in the U.S. and Canada segment, and the need for different skill
sets in the company's workforce to be better aligned with a
quickly evolving business," Charness said.
All employees affected will get "competitive" severance
packages, including outplacement services, he said.
Hasbro will take some related charges in the first quarter,
but they won't be material, he added.
The maker of Nerf foam toys and Monopoly board games
suffered from weak post-Thanksgiving demand, especially for its
games and puzzles, in the United States and Canada.
Larger rival Mattel also missed sales expectations in the
holiday quarter, but still outperformed Hasbro and gained share
from Mattel, according to data from NPD, a market research firm.
Hasbro, based in Pawtucket, Rhode Island, has 5,900
employees worldwide, including about 1,400 in that state.