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2: EX-99.1 Miscellaneous Exhibit HTML 43K
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(State or other jurisdiction of incorporation or organization)
(Commission
File Number)
(I.R.S. Employer Identification No.)
i1027 Newport Avenue
iPawtucket,
iRhode
Island
i02861
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code: (i401)
i431-8697
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
i☐ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act.
Title
of each class
Trading Symbol(s)
Name of each exchange on which registered
iCommon Stock, $0.50 par value per share
iHAS
iThe
NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company i☐
If an emerging growth company, indicate by check mark if
the registrant has elected not to use the extended transition period provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.05 Costs Associated with Exit or Disposal Activities.
On October 4, 2022, Hasbro, Inc. (the “Company” or “Hasbro”), announced the results of its nine-month strategic review. The Company identified opportunities to focus
and scale the business, enhance operational excellence, including through organizational and supply chain programs, and drive accelerated growth and profit. Hasbro plans to focus investment on its most valuable and profitable franchises across toys, games, entertainment and licensing, and to exit certain non-core aspects of the business. Under this plan, the Company plans to deliver annual run-rate cost savings of $250 million to $300 million by the end of 2025. The Company expects to generate $150 million in annual run-rate savings by year end 2023.
To achieve these savings, the Company expects to incur approximately $200 million in cash charges through 2024,
with approximately $20 million paid in 2022, $120 million paid in 2023, and the balance of $60 million paid in 2024.
In the third quarter of 2022, the Company expects to incur pre-tax restructuring charges relating to severance and other employee costs and advisor fees of approximately $30 million, as well as non-cash charges of approximately $30 million related to the sale or disposal of non-strategic businesses. These businesses do not constitute a material part of the Company’s operations.
Item 8.01 Other Events
On October 4, 2022, the
Company held an investor day, during which it unveiled its go forward strategy, following a nine-month strategic review. A copy of the press release issued in connection with investor day is attached to this Current Report on Form 8-K as Exhibit 99.1, and is incorporated herein by this reference.
104 Inline XBRL for the cover page of this Current Report on Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
