Hasbro cutting 100s of jobs worldwide

PAWTUCKET, R.I. (WPRI) -- Pawtucket-based Hasbro plans to lay off about ten-percent of its global workforce this year, including some positions here in Rhode Island.

That amounts to about 550 of Hasbro's 5,500 employees worldwide.

Hasbro spokesman Wayne Charness confirmed to Eyewitness News Friday that the cuts will be completed this year and will include jobs in all the company's markets, including Rhode Island.

The announcement came after Hasbro said its fourth-quarter revenue failed to meet expectations.  Analysts predicted $1.4 billion; the toymaker expects that number to be closer to $1.28 billion.

The company was hurt by weaker-than-expected demand for its products over the holiday season.

"We did see a decline in revenue and recognized that certain markets in which we operate are pretty challenging so at Hasbro were taking steps to align our costs within this reality," said Charness.

Rhode Island currently shares the highest unemployment rate in the country.  The jobless rate for December 2012 was 10.2 percent, which is tied with Nevada for the worst in the U.S.