Hasbro Inc. blamed a 16% decline in first-quarter sales on the liquidation of Toys “R” Us Inc. and sped up plans to overhaul its sales organization for a world where more toys are sold online.
Toys “R” Us is liquidating stores in the U.S. and in markets like the U.K., causing big drops in sales for Hasbro toys like Transformer action figures and My Little Pony dolls. The retailer was done in by a lofty debt load and difficulty competing amid the rise of Amazon.com Inc. and online shopping.
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