HASBRO, INC. (HAS): restructuring charge — Hasbro announces additional ~900 job cuts; raises cost-savings target to $350-400M by 2025

HASBRO, INC.

Additional 900 positions eliminated (total ~1,900); expected to be substantially completed in 18-24 months.
Incremental severance costs of ~$40M; cash payments begin Q4 2023 and continue through restructuring.
Gross annual run-rate cost savings target raised to $350-400M by end of 2025 from prior $250-300M.
Company will exit Providence office lease in Jan 2025 and consolidate teams to Pawtucket HQ.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

HASBRO, INC. announced a restructuring with charges of approximately $40 million of incremental severance related expenses affecting enterprise-wide (approximately 900 incremental positions).

Type: restructuring
Charge: approximately $40 million of incremental severance related expenses
Affected area: enterprise-wide
Headcount: approximately 900 incremental positions

Exact text from the filing

The Company currently anticipates that approximately 900 incremental positions will be eliminated as part of the Additional Actions, which are expected to be substantially completed over the next 18 to 24 months. In connection with the Initial Actions, the Company accrued approximately $94 million of expenses related to severance, stock compensation and employee benefits, and expects to accrue approximately $40 million of incremental severance related expenses in connection with the Additional Actions.

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HASBRO, INC. filing history →

Source: SEC EDGAR

accession 0000046080-23-000097

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