Hasbro, a Pawtucket based toy company says it plans to cut 10 percent of its workforce worldwide and consolidate facilities in an effort to cut expenses.
The toy maker, famous for Mr. Potato Head, Monopoly, and Nerf said that holiday sales failed to meet expectations.
The company employees approximately 5,500 people globally and a 10% layoff would mean 550 individuals would lose their jobs. It is unclear how the layoffs will affect Rhode Island workers.
Wayne Charness, Spokesperson for Hasbro, said the layoffs will take place over the next couple of months. He said the company is simply adjusting the business strategy in line "with certain markets that are declining." He said business is "fundamentally good," and that the company's "strategy is sound."
The company recently had laid off 170 workers globally in March 2012.