Gaming giant Wizards of the Coast, known for popular games like Dungeons & Dragons and Magic: The Gathering, has been hit by a wave of layoffs as its parent company, Hasbro, looks to restructure and focus on its core brands. Hasbro recently announced “additional headcount reductions” that are expected to affect approximately 1,100 workers globally.
Employees at Wizards have confirmed on professional networking site LinkedIn that they have been laid off, with reports suggesting that IT-related workers were among those cut. The layoffs have also affected other departments, including an art director and a game designer for Dungeons & Dragons. This comes as a blow, as Wizards of the Coast has been experiencing continued growth, thanks in part to the success of its recent releases such as Baldur’s Gate III and Monopoly Go.
The layoffs are a part of Hasbro’s broader plan to streamline its operations and focus on “fewer, bigger, better brands.” The company had previously announced in January its intention to eliminate 900 positions over the next 18 to 24 months. With the latest round of layoffs, the total number of job cuts now stands close to 2,000.
This restructuring at Hasbro is being led by its CEO, Chris Cocks, who joined the company from Wizards of the Coast in February 2022. Despite Wizards’ success, Hasbro’s overall revenue has been in decline. As part of the restructuring plan, Hasbro is also planning to sell its stake in Canadian entertainment company Entertainment One and reduce its real estate holdings.
Meanwhile, Wizards of the Coast is gearing up for a significant milestone in 2024—the 50th anniversary of Dungeons & Dragons. The company has exciting releases planned, including a new edition of the core rulebooks, to commemorate this occasion. While these layoffs might raise concerns about the future of the company, Wizards remains committed to delivering quality gaming experiences to its dedicated fanbase.
As for Hasbro, it will continue to operate out of its offices in Pawtucket, Rhode Island, but will exit its Providence office space when its lease expires in January 2025. This move is another step in the company’s effort to streamline and optimize its operations.
The video game industry witnessed significant growth during the COVID-19 pandemic, leading to increased interest in board games and tabletop gaming as well. However, it seems that Hasbro is taking a cautious approach and making tough decisions to ensure its future success in an ever-changing market. Only time will tell if these restructuring efforts will pay off and help position Hasbro as a stronger player in the gaming industry.
“Infuriatingly humble tv expert. Friendly student. Travel fanatic. Bacon fan. Unable to type with boxing gloves on.”