Date: 13th October 2000
Citing plunging sales of Pokémon and Star Wars items, toy manufacturer Hasbro warned investors Thursday that sales are expected to fall below expectations for the second half. It also announced that it plans to cut 550 jobs, representing five percent of its workforce.
Shares in the company declined 13 percent to $10.06, a 52-week low. J.P. Morgan analyst Dean Gianoukos told today's (Friday) New York Daily News: "What happened to Hasbro is not new to the toy industry. ... They geared up to produce some popular products, then people stopped buying them, and they're still geared up with all the associated overhead."
Source: Studio Briefing