Gaming giant Wizards of the Coast, known for their popular games such as Dungeons & Dragons, is facing a significant impact as layoffs hit its parent company, Hasbro. In a memo sent by CEO Chris Cocks, he announced “additional headcount reductions” that are anticipated to affect around 1,100 employees worldwide.
Reports on LinkedIn indicate that IT-related workers were amongst those targeted for layoffs at Wizards of the Coast. Multiple departments, including an art director and a game designer for Dungeons & Dragons, have been confirmed to be affected by the job cuts.
This comes after Hasbro’s announcement in January to eliminate 900 positions over the next 18 to 24 months. The new wave of layoffs will bring the total number of job cuts close to 2,000. The company-wide restructuring is being led by CEO Chris Cocks, who transitioned from Wizards of the Coast to Hasbro in February 2022.
Despite the success of Wizards of the Coast, Hasbro has experienced a decline in overall revenue. The company attributes this to several factors, such as soft toy sales, expired licenses, and strikes by the Writers’ and Screen Actors’ Guild. In response, Hasbro plans to refocus its efforts on “fewer, bigger, better brands” and plans to sell its interest in Canadian entertainment company Entertainment One.
Meanwhile, Wizards of the Coast is gearing up for exciting releases in 2024. The company has plans to celebrate the 50th anniversary of Dungeons & Dragons with new products, as well as a highly anticipated rules update.
In addition to the layoffs, Hasbro intends to reduce its real estate holdings. This includes exiting its office space in Providence, R.I. by January 2025.
The impacts of these developments are expected to be significant, both for the employees affected by the layoffs and for the future of Wizards of the Coast and Hasbro as they navigate the changing landscape of the gaming industry.
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