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**Hasbro Lays Off About 1,100 Employees Amid Struggle with Soft Sales**

Hasbro, one of the largest toy makers, is facing difficulties as it struggles with soft sales that have extended into the holiday shopping season. According to a company memo obtained by CNBC, the toy maker is laying off around 1,100 employees, adding to hundreds of other reductions that were previously made earlier this year. This wave of layoffs comes after the company had about 6,300 employees earlier in the year, according to a company fact sheet.

The stock of Hasbro fell more than 4% in extended trading this Monday, and the company’s rival, Mattel, also experienced a slip in their stock after hours. CEO Chris Cocks noted in the memo that the market’s headwinds have continued into the holiday season and are expected to persist into 2024. The challenges faced by Hasbro have led to a significant reduction in the company’s full-year revenue outlook, projecting a 13% to 15% decline for the year.

Sales of popular toy brands, including My Little Pony, Nerf, and Transformer, have seen a notable decline of 18%, reflecting softer category trends. Amidst this struggle, Hasbro’s stock was down nearly 20% through Monday’s close.

In comparison, Hasbro’s competitor, Mattel, also warned of soft sales. However, their stock is up about 6% through Monday, largely due to the box office success of the film “Barbie”. The overall landscape for retailers may be in for a tepid holiday season, with toys seeing lower discounts for consumers compared to a year ago.

**How AI legalese decoder Can Help:**

AI legalese decoder can be instrumental in helping Hasbro navigate through this challenging period of layoffs. By utilizing this cutting-edge technology, the legal implications and intricacies of managing a reduced workforce can be understood more easily and efficiently. The tool can assist Hasbro in developing legally compliant documentation, including severance packages and job placement support for the affected employees. Additionally, the AI legalese decoder can help streamline the process of employee notifications and consultations, ensuring that all necessary legal requirements are met. This ultimately facilitates a smoother transition for the company while adhering to labor laws and regulations.

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