New York( CNN Business) Hasbro will lay off up to 10% of its employees, victims of the fallout after Toys “R” Us closed its doors.
“While some of these changes are difficult, we must ensure we have the right teams in place with the right capabilities to lead the company into the future, ” a company spokesperson was indicated in a statement.
Hasbro said the job slice should save the company between $30 million to $40 million a year by 2020. Hasbro’s sales fell 12% in the third largest quarter, a fell the company attributed primarily to the loss of Toys “R” Us. Operating profit fell 13% in the third quarter, though the company got a slight is beneficial for the new US tax law.