Title: Gaming Giant Wizards of the Coast Hit by Layoffs Amid Hasbro’s Restructuring Efforts
In a latest blow to the gaming industry, parent company Hasbro has announced additional layoffs that will directly impact employees at the renowned gaming giant Wizards of the Coast. The move comes as part of Hasbro’s ongoing restructuring efforts under CEO Chris Cocks.
The layoffs are predicted to affect approximately 1,100 workers across global operations, with several affected employees at Wizards confirming the news through their social media accounts. While IT-related workers were initially reported to be among those affected, it has now been confirmed that multiple departments are being impacted, including a notable art director and a game designer for the beloved fantasy role-playing game Dungeons & Dragons.
These recent layoffs add to the 900 positions that Hasbro had previously declared its intention to eliminate over the next 18 to 24 months, bringing the total number of cuts close to 2,000. Apparently, this drastic downsizing strategy aims to streamline operations and optimize financial performance for Hasbro.
Despite the success of Wizards of the Coast’s highly popular game Baldur’s Gate 3, Hasbro has faced a significant revenue shortfall. The decline in overall revenue has been attributed to various factors, including underwhelming soft toy sales, expired licenses, and even strikes by the Writers’ and Screen Actors’ Guild. In response, Hasbro plans to sell its interest in Entertainment One, the production company responsible for recent licensed films, to focus on developing “fewer, bigger, better brands.”
Interestingly, while Wizards of the Coast has had a successful year, it appears to be the sole bright spot at Hasbro. The company now aims to refocus on its core business of play and has plans to release new editions and publications for the fan-favorite game Dungeons & Dragons.
In addition to the layoffs, Hasbro also intends to reduce its real estate holdings. As part of this plan, the company will exit its Providence, R.I. office space in January 2025. This move is expected to further optimize costs and streamline operations.
As the gaming industry continues to navigate the challenges presented by the ongoing pandemic, it remains to be seen how the layoffs and restructuring efforts will impact Wizards of the Coast and its future releases. Fans of Dungeons & Dragons will be eagerly watching for any updates and hoping that the beloved game continues to thrive despite these setbacks.
