Hasbro

• 1. Three Brothers In Providence

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  On the 6th of December 1923, three Polish-Jewish immigrant brothers named Henry, Hillel, and Herman Hassenfeld founded a company called Hassenfeld Brothers in Providence, Rhode Island. They began by selling textile remnants to local manufacturers. The business grew slowly over the next two decades as they expanded into making pencil cases and school supplies. On the 8th of January 1926, the corporation officially incorporated in Rhode Island. Hillel left the firm shortly after to pursue another textile business while Henry took charge of operations. The family eventually started producing their own pencils when their supplier began manufacturing pencil cases instead. By 1942, the company had transitioned fully into toy manufacturing with items like modeling clay and doctor kits. During World War II, the Hassenfelds helped rescue and employ fellow Jews from Ulanów, Poland. Jacob Klapper, a Holocaust survivor born in that town, recalled being told upon arriving in America that Hassenfeld Brothers would hire any survivor from his hometown without asking questions.

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• 2. The Rise Of Action Figures

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  In 1952, Hasbro purchased Mr. Potato Head from inventor George Lerner for its first major popular toy. The company became a Disney major licensee in 1954. A significant turning point occurred in 1963 when the Food and Drug Administration investigated reports of sore throats and rashes caused by Flubber, leading to a voluntary recall. That same year, the company declined a license based on The Lieutenant television series because they did not want to be tied to a potentially short-lived show. Instead, Hassenfeld Brothers produced G.I. Joe in 1964 as an action figure to market to boys who would not play with dolls. Between 1964 and 1965, G.I. Joe accounted for two-thirds of all sales. In 1968, the company shortened its name to Hasbro Industries and sold a minor stake to the public. By 1970, the Vietnam War was at its height so Hasbro redesigned GI Joe to be less militaristic and more adventure-oriented. Their promotional efforts included the catchphrase Boy Oh Boy! It's A Hasbro Toy! in television commercials.

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• 3. Acquisitions And Global Expansion

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  Stephen D. Hassenfeld took over as president in 1974 after his father Merrill became CEO. The company faced financial difficulties in 1977 with losses reaching $2.5 million and a large debt load. Stephen reduced the product line by one-third between 1978 and 1981 to focus on simple toys like Mr. Potato Head. In 1983, the company licensed Takara's Diaclone and Micro Change lines to launch Transformers alongside a children's animated TV series. Stephen Hassenfeld posed with the toys for a People magazine cover photo that year. Alan Hassenfeld became president in 1984 when he acquired Milton Bradley Company, which was the nation's fifth best-selling toymaker. This merger brought games like The Game of Life and Twister into the fold. On the 6th of June 1985, the company changed its name again to just Hasbro Inc. By 1989, sales had grown from $104 million to over $1.4 billion under Stephen's leadership before his death later that year. Alan then succeeded him and purchased Tonka Corp for $486 million in 1991 including Parker Brothers and Kenner Products.

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• 4. From Toys To Television Networks

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  In 2009, Brian Goldner became CEO of Hasbro as the first person not from the founding family to hold the position. That same year, Hasbro Studios formed for television development and production. A major partnership emerged on the 10th of October 2010 when Hasbro collaborated with Discovery to launch The Hub cable network targeting younger children and families. The revival of My Little Pony: Friendship Is Magic became the network's highest-rated program and attracted a significant cult following among teens and adults. The Hub renamed itself Hub Network in 2013 before rebranding as Discovery Family on the 13th of October 2014. In February 2008, Hasbro signed an agreement with Universal Pictures to derive four films from seven properties. On the 22nd of August 2019, Hasbro announced its purchase of Entertainment One for about US$4 billion. The deal completed on the 30th of December 2019 adding franchises like Peppa Pig and PJ Masks to their portfolio. By April 2011, Greenpeace praised Hasbro after they changed paper purchasing policies regarding ancient forests in Indonesia.

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• 5. Financial Turmoil And Restructuring

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  Brian Goldner died on the 12th of October 2021 after a seven-year battle with cancer. Richard Stoddart served as interim CEO until Chris Cocks took over on the 25th of February 2022. Cocks had previously been president and chief operating officer of Wizards of the Coast. In June 2022, Hasbro defeated a board challenge from activist investor Alta Fox Capital Management LLC which owned a 2.5% stake. On the 17th of November 2022, Hasbro put Entertainment One up for sale excluding the kids and family division. Lionsgate acquired eOne for $500 million with the transaction closing on the 27th of December 2023. Hasbro kept eOne's family brands and created a new division called Hasbro Entertainment later that month. TechCrunch reported on the 12th of December 2023 that paperwork filed with the SEC announced layoffs of 1,100 employees representing 20% of the workforce. Following the completion of its sale of Entertainment One assets, Hasbro reported losses of $1 billion for the fourth quarter of 2023 and $1.49 billion for the full year.

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• 6. Labor Practices And Gender Debates

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  In 2007, a workers' rights group investigated several Chinese suppliers and found that one toy factory in Guangxi Province had hired 1000 junior high school students. The investigation also uncovered unsafe working conditions, mandatory overtime, verbal abuse, and sexual harassment of employees. Hasbro issued a statement saying it would act swiftly to make necessary changes and increased safety review efforts. Critics pointed out that Hasbro had no official regulatory control over these factories. In November 2012, a six-year-old Irish girl wrote a letter complaining about the lack of female characters in Guess Who? which garnered attention after her mother posted the exchange on a blog. That same month, 13-year-old McKenna Pope started a campaign on Change.org calling for a boy-friendly version of Easy-Bake Oven. Over 30,000 people signed her petition within a week. On the 7th of August 2020, Hasbro produced a DreamWorks Animation Troll doll device with an unadvertised activator on private parts that caused audio recordings to be questioned by American mothers.

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