[Archangel]

Quote:

Originally Posted by Comedian

I saw this breaking just after 4pm yesterday and knew this was bad. Hasbro pulse lowered those NBA Figure from $50 to $30. A ton of hasbro product covering Star Wars and marvel hit my loot at BBTS and most of it wasn’t due until May or later. I get the impression hasbro is starting to dump some stuff quickly.

I’ve read rumors on other sites that Star Wars scales may go to other companies….again just rumors.

I’m still shocked that the new Antman film comes out in just weeks and hasbro still has showed nothing or even mentioned it.

We get repaint after repaint, closed collectors are leaving with windowless packaging.

We can’t keep paying double and triple for food and energy and then be expected to pay almost $30 a figure. For crying out loud Walmart won’t even give us a bag anymore.

The end of abundance is nigh.

That’s the damn truth. A lot of economists at predicting a recession later in the year, a lot of people feel like we’re already in it. Gas prices are back on the rise as China comes back out of another series of lockdowns.

Me personally, I’ve become less impulsive with my purchases because I know I need to be thinking about the future. Windowless packaging have taken away half my purchases. I’m just filling holes in my collection at this point and working on selling off some of these figures I’ve hoarded over the last couple of years. I’ll still be tempted by hot deals, and clearance products…which have been pretty steep on Hasbro and Mattel’s end lately, especially at local Walmarts and Targets. It makes a lot of sense for Hasbro to be struggling a bit right now, and trying to lean up to their workforce as we head into uncertain economic conditions.

[dukefett]

I think there's also a point where Hasbro is reaching with Marvel Legends; I'm no comic buff so I'm sure it's just me, but usually I'm like "who?" The general public has to feel similar to me and have no idea who 1/2 the people are in some of these waves. There's only so many Caps they can do, the characters starring in the movies/TV shows aren't big gets and nobody cares outside of Spider-Man now.

Star Wars is spread sooooo thin with them still making figures for literally every iteration of Star Wars except the sequel trilogy right now. Prequels, OT, animated series, and live action TV shows. They really only have so much time and so much resources to attempt to hit every era.

[kantboy2]

Hasbro is racing neck to neck on prices with resellers; that's how bad it is.

But that's part of the "let's double profits or else" stance they decided to take. Employees are an expense.

[User897]

**In Emperor voice**

Good, good! Let the loss of profits flow through you!

[NeilJam]

If they want to focus on gaming, a revived Battle Beasts line could fit with that.

[Specter]

Quote:

Originally Posted by toymaru

Toys are for kids who are already grown up. We don’t want no low quality garbage. Go premium or go home.

I actually think its partly opposite of this in certain situations.

Like Star Wars, they are overcharging for the collector stuff and have basically priced any kid with a slight interest in Star Wars toys out.

Even if they can afford it they or their parents are fighting adult collectors and scalpers just to get a newer figure.

Star Wars has 3 different collector lines and the "kids" line might as well be for babies.

[littlewolvie]

Cutting at the top instead of at the bottom would be a lot more cost efficient for Hasbro (and would probably save a lot more money), as it's clear management has little clue what they are doing and often seems completely out of touch with their customer base. :s

[Jester]

Quote:

Originally Posted by icematta

Yeah, that's why my journey into black series was short lived...

Way to miss the point, laser-brain.

Quote:

Originally Posted by Batman

The prices are so high for some things and they have very little to offer. No world building anymore. It’s just figures, no vehicles, no playsets, nothing for figures to interact with.

[ghostbogey]

Quote:

Originally Posted by Jester

Way to miss the point, laser-brain.

"They Scored"!!!! ;^)

[Dolemite]

Hopefully the annoying blonde chick from the GI Joe livestreams was among those getting the ax.

[firmpulse]

Quote:

Originally Posted by cjflan32

Imagine how many jobs would be cut if they didn't raise those prices. Oh, that's right, you're playing the world's smallest violin right now.

Maybe if you read the article you'd know that the problems with this comapny don't revolve around price increases.

Two things:

1. You're the biggest dickhead on this board. Are you even capable of posting something without IMMEDIATELY insulting another member?

2. You're a fucking idiot if you think price increases aren't a major part of the problem. Oh I'm sorry...the "problems with this comapny don't revolve around price increases" According to what? The company's press release regarding the matter? HAHAHAHAHA!

Quote:

Originally Posted by Dolemite

Hopefully the annoying blonde chick from the GI Joe livestreams was among those getting the ax.

That would be incredible. But those are the types of people the company actually keeps.

[User897]

It would be nice if patrick gets fired too, but we know that ain't happening. Matter of fact, anything we can call "good" with hasblo ain't happening.

[Dolemite]

Quote:

Originally Posted by firmpulse

That would be incredible. But those are the types of people the company actually keeps.

But think about what they'd save in catering alone!

[SpasticPlastic]

Quote:

Originally Posted by Dolemite

But think about what they'd save in catering alone!

Aaaaaahahahahahahaa!

[firmpulse]

Quote:

Originally Posted by dolemite

but think about what they'd save in catering alone!

Duuuuuuuuuuuuude lololol

[ThisGuy]

Quote:

Originally Posted by Dolemite

But think about what they'd save in catering alone!

I logged in to a make a comment for the first time in years to say that this is the best thing I have ever read.

[AceSimulacrum]

We've discussed the Hasbro issue across many threads here. Over Haslabs and Pulsecons etc. Just to repeat, toys are non-essential items so the global economy is a big issue. Hasbro not fully catering to their target adult collector customer base is a big issue. Also they are facing a tough future outlook (granted its industry wide), they can provide products for kids from 0 to about 6 years, being able to still have customers from 7 and older dries up. Its a tough time for them to invest and risk in creative outlets, like story lines, serials, cartoons etc. which encourages character interest and actual desire to "play" with action figures for recreation, rather play video games (also a fan of) or do something else like tiktok lol.
Hasbro has already identified their high growth areas and that's what would keep the investors hopeful. But alot of the once popular "wells" (like Marvel and Star Wars) are drying up more and getting a bit sour every year. They know it and it doesn't look good for us older collectors.

[MeLikeJinx]

Wow. Must say you guys making fun of the lady is pretty fucking embarrassing... like holy shit... how old are you... twelve?

[Comedian]

Quote:

Originally Posted by MeLikeJinx

Wow. Must say you guys making fun of the lady is pretty fucking embarrassing... like holy shit... how old are you... twelve?

I’m not big into GI Joe, but I’ve collected a few items and watched the live streams. The Gi Joe team seams to really love the brand and the fans from the videos I watched.

The fact is as younger generations take over they speak less to us 80s and 90s guys. They just don’t interact the same. Less emotion and more texting talk. This is just a result of more and more people not interacting with each other and only speaking with avatars and messages.

That said I’d never hope for anyone to lose their job. This economy is about to get a reality check and it’s not good for anyone.

I will say with Star Wars, Emily has got to be one of the best things to happen for us vintage fans since the golden age. I see her pushing for the fans continuously.

[ThorOdinson123]

Read this on a reddit post in Marvel Legends subreddit





https://www.reddit.com/r/MarvelLegen...d_and_layoffs/

[Comedian]

Real people. Disney and yahoo are starting layoffs today as well I believe.

[ThorOdinson123]

Hasbro is cutting nearly 20% of its workforce, roughly 1,100 jobs, as weak sales for toys and games persist into the holiday season https://on.wsj.com/3uOKChY

Quote:

Hasbro plans to eliminate approximately 1,100 positions amid continued headwinds in the toy business.

In a memo to employees, CEO Chris Cocks said while the toy maker has seen some improvements due to a retooled supply chain and improved inventory, the market headwinds “have proven to be stronger and more persistent than planned.” The company had previously laid off about 800 employees earlier this year.

“We anticipated the first three quarters to be challenging, particularly in Toys, where the market is coming off historic, pandemic-driven highs. While we have made some important progress across our organization, the headwinds we saw through the first nine months of the year have continued into Holiday and are likely to persist into 2024,” he wrote.


Chris Cocks
BUSINESS
Hasbro Sale of eOne on Track to Close at Year End
The company accrued about $94 million in expenses related to the initial layoffs and expects to accrue $40 million in incremental severance expenses related to the latest layoffs. These layoffs are expected to deliver gross annual run-rate cost savings of about $100 million.

The company also sold eOne’s film and TV assets to Lionsgate for $500 million in order to focus more on its core business.

That business includes toy and game sales, as well as some entertainment efforts, including the popular Peppa Pig, Transformers and Dungeons & Dragons brands, which it retained from eOne. Entertainment projects that included Transformers One with Paramount, an animated Magic: The Gathering series with Netflix, and a new YouTube series, as of October.

In October, the company reported $1.5 billion in net revenue, down 10 percent year-over-year, and an operating loss of $170 million, after a profit of $194 million a year ago, as strength in the Wizard of the Coast and digital gaming segment was not able to offset softness in the entertainment and consumer products segment.

Full Memo:

Team,

A year ago, we laid out our strategy to focus on building fewer, bigger, better brands and began the process of transforming Hasbro. Since then, we’ve had some important wins, like retooling our supply chain, improving our inventory position, lowering costs, and reinvesting over $200M back into the business while growing share across many of our categories. But the market headwinds we anticipated have proven to be stronger and more persistent than planned. While we’re confident in the future of Hasbro, the current environment demands that we do more, even if these choices are some of the hardest we have to make.

Today we’re announcing additional headcount reductions as part of our previously communicated strategic transformation, affecting approximately 1,100 colleagues globally in addition to the roughly 800 reductions already taken.

Our leadership team came to this difficult decision after much deliberation. We recognize this is heavy news that affects the livelihoods of our friends and colleagues. Our focus is communicating with each of you transparently and supporting you through this period of change. I want to start by addressing why we are doing this now, and what’s next.

Why now?

We entered 2023 expecting a year of change including significant updates to our leadership team, structure, and scope of operations. We anticipated the first three quarters to be challenging, particularly in Toys, where the market is coming off historic, pandemic-driven highs. While we have made some important progress across our organization, the headwinds we saw through the first nine months of the year have continued into Holiday and are likely to persist into 2024.

To position Hasbro for growth, we must first make sure our foundation is solid and profitable. To do that, we need to modernize our organization and get even leaner. While we see workforce reductions as a last resort, given the state of our business, it’s a lever we must pull to keep Hasbro healthy.

What happens next?

While we’re making changes across the entire organization, some functional areas will be affected more than others. Many of those whose roles are affected have been or will be informed in the next 24 hours, although the timings will vary by country, in line with local rules and subject to employee consultations where required. This includes team members who have raised their hands to step down from their roles at the end of the year as part of our Voluntary Early Retirement Program (VRP) in the U.S. We’re immensely grateful to these colleagues for their many years of dedication, and we wish them all the best.

The majority of the notifications will happen over the next six months, with the balance occurring over the next year as we tackle the remaining work on our organizational model. This includes standardizing processes within Finance, HR, IT and Consumer Care as part of our Global Business Enablement project, but it also means doing more work across the entire business to minimize management layers and create a nimbler organization.

What else are we doing?

I know this news is especially difficult during the holiday season. We value each of our team members – they aren’t just employees, they’re friends and colleagues. We decided to communicate now so people have time to plan and process the changes. For those employees affected we are offering comprehensive packages including job placement support to assist in their transition.

We’ve also done what we can to minimize the scale of impact, like launching the VRP and exploring options to reduce our global real estate footprint. On that note, our Providence, Rhode Island office is currently not being used to its full capacity and we’ve decided to exit the space at the end of the lease term in January 2025. Over the next year, we’ll welcome teams from our Providence office to our headquarters down the road in Pawtucket, Rhode Island. It’s an opportunity to reshape how we work and ensure our workspace is vibrant and productive, while reflecting our more flexible in-person cadence since the pandemic.

Looking ahead

As Gina often says, cost-cutting is not a strategy. We know this, and that’s why we’ll continue to grow and invest in several areas in 2024.

As we uncover more cost savings, we’ll invest in new systems, insights and analytics, product development and digital – all while strengthening our leading franchises and ensuring our brands have the essential marketing they need to thrive well into the future.

We’ll also tap into unlocked potential across our business, like our new supply chain efficiency, our direct-to- consumer capabilities, and key partnerships to maximize licensing opportunities, scale entertainment, and free up our own content dollars to drive new brand development.

I know there is no sugar-coating how hard this is, particularly for the employees directly affected. We’re grateful to them for their contributions, and we wish them all the best. In the coming weeks, let’s support each other, and lean in to drive through these necessary changes, so we can return our business to growth and carry out Hasbro’s mission.

Thanks, Chris

[kantboy2]

What a guy.

The shareholders love him.

How's that profit margin up to now?

[Sean C]

Deck the halls with pink slips!

Your toys are too expensive, you paid too much for #$% brand licenses.
Your stock is more likely to be found at close out chains that regular physical retail.
You self-sabotaged Wizards of the Coast with modern politics.
And the recent Transformers movie...remember there was one with past summer? Wasn't there? I think. That's the cultural impact they make now.

[Black Arbor]

I'm sure there's a multitude of reasons as to why they wanna cut costs and jobs, ever-increasing profits notwithstanding, but the fact that you can walk into any Ollie's, Marshalls, TJ Maxx or other closeout store around America and find literal PALLETS of unsold Marvel and Star Wars product certainly isn't helping.