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News Summary: Hasbro to make some job cuts

The Associated Press

JOB CUTS: Toy maker Hasbro said Friday that it plans to cut about 10 percent of its workforce and consolidate facilities to reduce expenses. The company has about 5,500 employees worldwide. A 10 percent workforce cut would put about 550 people out of work.

HOLIDAY SOFTNESS: Hasbro Inc. said fourth-quarter revenue failed to meet expectations due to weaker-than-expected demand over the holidays. The company anticipates revenue of approximately $1.28 billion for the period. Analysts polled by FactSet predicted revenue of $1.4 billion.

COST SAVINGS: Hasbro has created a plan to deliver $100 million in annual cost savings by 2015.