Hasbro To Cut Workforce By 10%: Reports

(RTTNews) - Toy maker Hasbro Inc. (HAS) is reportedly planning to cut jobs as the toy industry continues struggle after the bankruptcy of toy retail giant Toys R Us.

According to Wall Street Journal, Hasbro Inc. is planning layoffs that will trim less than 10% of its workforce. The company said "organizational changes" would affect a "single-digit percentage" of its global workforce of more than 5,000.

"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," Hasbro said in a statement.

Hasbro's job cuts come just months after the company's rival, Mattel, also announced that it will lay off workers and also close down its New York Office.