Toy maker Hasbro said Friday that its fourth-quarter revenue failed to meet expectations because of weaker-than-expected demand over the holidays. It plans to cut about 10 percent of its workforce and consolidate facilities to reduce expenses.
The stock dropped 3 percent in afternoon trading.
Pawtucket, R.I.-based Hasbro, whose brands include Monopoly and Nerf, has about 5,500 employees worldwide. A 10 percent workforce cut would put about 550 people out of work.
While Hasbro said consumer demand was softer than it expected over the holidays, the season was expected to be tough. This was in part because retailers were ordering inventory more cautiously.