(MENAFN) Pawtucket, Rhode Island-based Hasbro Inc. stated that revenue for the fourth quarter missed estimates due to weak demand during the holidays, reported AP.
According to spokesman Wayne Charness, the toy maker, which has nearly 5,500 workers globally, would reduce the number of its employees by nearly 10 percent in 2013 and merge facilities in order to cut expenses.
Charness said that the facility consolidations may lead to some shutting downs, however, no closures will take place in Rhode Island or Massachusetts during the current year.
Normally, the selling period between November and December is very important for toy manufacturers as it can contribute with almost 40 percent of their annual revenue.
Meanwhile, the firm's CEO, Brian Goldner, noted that during the fourth quarter, the company created a plan to deliver USD100 million in yearly cost savings by 2015.
Hasbro forecasts 2012 charges to reach almost USD37 million, and they are expected to reach between USD20 million and USD30 million during the current year.
Hasbro projects revenue for 2012 to be at USD4.09 billion, whereas it would reach about USD1.28 billion for the fourth quarter.