PAWTUCKET, R.I. — As Hasbro mulls a potential relocation to Boston, executives confirmed Thursday that it would lay off dozens of employees while it looks to streamline its operations.
Andrea Snyder, the company’s director of global corporate communications, said less than 100 employees will be affected by the cuts, and roughly half are based in Rhode Island.
The toymaker released its financial results for the third quarter on Thursday. Revenue declined by 15 percent, but losses were offset by its gaming and licensing businesses, as well as brands like Magic: The Gathering and Dungeons & Dragons, which outperformed compared to the same quarter last year.
“Outperformance within our gaming and licensing businesses in the third quarter highlights the strength in two of our highest profit areas,” said Hasbro CEO Christian “Chris” P. Cocks during an earnings call with investors on Thursday morning. “Our key initiatives around digital, licensing and reinvigorating our product innovation are bearing fruit.”
This is a developing story and will be updated.
Alexa Gagosz can be reached at alexa.gagosz@globe.com. Follow her @alexagagosz and on Instagram @AlexaGagosz.