Hasbro to Cut 15% of Workforce After Weak Holiday Sales (2)

Hasbro Inc., one of the world’s largest toymakers, said it would cut 15% of its workforce, or about 1,000 jobs, after a disappointing holiday shopping season.

The Pawtucket, Rhode Island-based company also projected it would fall short of fourth-quarter adjusted profit estimates, making $1.29 to $1.31 a share compared to the $1.49 analysts were expecting. Sales for the fourth quarter are expected to be down 17% to $1.68 billion. The cuts will begin in the next few weeks, Hasbro said in a statement Thursday.

Although Hasbro’s digital gaming business, including the Dungeons & Dragons and Magic the Gathering games, ...