PAWTUCKET, R.I. (AP) -- Toy maker Hasbro says its fourth-quarter revenue failed to meet expectations because of weaker-than-expected demand over the holidays. It plans to cut about 10 percent of its workforce and consolidate facilities to cut expenses.
The stock dropped more than 4 percent in pre-market trading Friday.
The Pawtucket-based company, whose brands include Monopoly and Nerf, has about 5,500 employees worldwide. A 10 percent workforce cut would put about 550 people out of work.
Spokesman Wayne Charness says the cuts will all be this year and will occur globally. An early retirement program is being offered to its qualified workers in the U.S., which may lessen the number of layoffs.
Charness also says the facility consolidations could include some closures, though those won't occur in Rhode Island or Massachusetts.
Earlier this month, Hasbro opened a new office in downtown Providence where it moved approximately 300 workers. Charness also noted the toymaker has spent $25 million over the years upgrading its factory in East Longmeadow, Mass., where it makes games.
"The building downtown is still important to us and we're still committed to it," he said.
Hasbro Inc. anticipates fourth-quarter revenue of about $1.28 billion. Analysts predicted revenue of $1.4 billion. Unfavorable foreign currency exchange rates lowered results by $8 million.
-- This report was originally posted at 9:30 a.m.