Hasbro has also announced that Eric Nyman, president and chief operating officer, is departing the company.

Hasbro has released a statement which reveals it will be cutting approximately 1,000 roles from its global operation this year as part of moves announced last year to save up to $300m annually by 2025.

The layoffs are thought to amount to 15% of Habro’s global full-time workforce, and president and chief operating officer, Eric Nyman will also be departing the company, according to the statement.

Hasbro chief executive, Chris Cocks, said the toymaker will “focus on fewer, bigger brands; gaming; digital and our rapidly growing direct to consumer and licensing businesses.”

He added that in, the final three months of 2022, Hasbro’s consumer products division operated “against the backdrop of a challenging holiday consumer environment,” which had a natural impact on its performance. However, Wizards of the Coast, digital gaming, Hasbro Pulse and the company’s licensing business posted strong fourth-quarter growth.

“The elimination of these positions will impact many loyal Hasbro employees, and we do not undertake this process lightly,” explained Chris Cocks. “However, the changes are necessary to return our business to a competitive, industry-leading position and to provide the foundation for future success.”

Chris confirmed that the company remains confident in its Blueprint 2.0 strategy, unveiled in October. He added: “We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability.”