Hasbro to axe 1,100 jobs as slowdown in toy sales continues

Toymaker Hasbro is axing around 1,100 jobs – 20% of its workforce -as a slowdown in sales continues (Richard Drew/AP)

American toymaker Hasbro has announced it is axing around 1,100 jobs, or 20% of its workforce, as a slowdown in sales extends into another major shopping season.

The company behind Monopoly, Play-Doh and My Little Pony disclosed the cuts in a memo to employees published in a regulatory filing. The news was first reported in the Wall Street Journal.