Hasbro, the legendary toy company whose origins go back a century in the United States, announced that they’d be cutting 1,100 employees from its workforce.
That number is on top of the 800 jobs cut by the company earlier this year, and represents a staggering 20% of their total workforce.
CEO Chris Cocks, in a memo to employees, said that market headwinds were stronger and more persistent than the company had foreseen. He feels that the move is a last resort to keep the company healthy.
“We anticipated the first three quarters to be challenging, particularly in toys, where the market is coming off historic, pandemic-driven highs,” Cocks articulated.
“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 added.
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Hasbro Slashes Workforce, Is Inflation To Blame?
Hasbro, the one-time leading manufacturer of children’s toys in the country, is facing headwinds from a stagnant economy. While he may have been diplomatic in his explanation to employees, Cocks revealed what was dragging the company down at a conference in Boston earlier this year.
“If I have a concern for the back half of the year, it’s really food inflation continuing unabated,” the Hasbro CEO said at the time.
“I joke a little bit with our team, but I think it’s serious: our competitor right now is more Unilever and General Mills than it is Mattel or Lego,” he added.
Cocks also pointed out that in the Joe Biden economy, the top 20% of household incomes are still spending in a healthy manner, but middle and lower-income families are suffering.
The general consumer, he observed, is getting “pinched pretty hard by inflation” and being forced to “make trade-offs” between necessities like food and discretionary spending, such as for toys.
In essence, kids are going to get fewer toys just so the family can eat this year.
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Christmas Misery In The Biden Era
The announcement of massive layoffs at Hasbro proves the Biden economy isn’t all fun and games. In fact, it’s not fun at all.
The company that brought us Monopoly, Transformers, and My Little Pony advised in the corporate memo that “many” will learn the fate of their position this week.
The remaining people being laid off will learn the news over the next six months.
Imagine getting the news that you’ve been let go just days before Christmas. Imagine how bad things have to be for a major toy maker to slash 20% of their staff weeks before the biggest holiday of the year for toy sales.
Bidenomics, it is apparent, is stealing Christmas.
Sky-high prices under this President are making it harder than ever to afford Christmas this year. Here’s a powerful example:
Kevin McCallister’s grocery list in the movie Home Alone costs $19.83 in the movie. Last year, the same grocery list cost $44.40.
This year, it costs a whopping $72.28.
And all we’re getting from the White House is, “Keep the change, ya filthy animal.”
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