Hasbro closes Cranium office - ToyNews

Hasbro closes Cranium office

Firm to shut down the Seattle office of Cranium on May 29th.
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The game will be merged into and run out of Cranium's other offices. 19 people were employed in the Seattle office.

11 will lose their jobs and eight have been offered positions at other offices, including one at Wizards of the Coast in Renton.

Wayne Charness, a Hasbro spokesman said the employees will be offered: "Competitive severance benefits and outplacement services."

He continued: "We said when we bought Cranium that we would take a year to look at the business and how we were doing it.

“While these decisions are always difficult, the consolidation allows the Crainum brand to more fully benefit from leveraging shared services such as finance, packaging, design and operations."

Hasbro acquired Cranium in the first quarter of 2008 for $77.5 million. The money the firm paid was used to pay off the Seattle company's debt and provide payment to Cranium's shareholders.

Cranium co-founder Richard Tait said in a statement at the time of the acquisition: "A decade ago, we set out to create a brand that would give everyone the chance to shine.

"We've accomplished that and so much more, making history with great products that have won five Toy Industry Association Game of the Year awards.

“Now, the next chapter in Cranium's story begins. The Cranium brand will benefit from the expertise and global presence of an industry leader, Hasbro, who is as passionate about games as we are."

Meanwhile, the company has elected Deb Thomas as chief financial officer.

Thomas is an 11-year Hasbro veteran who has held several senior level finance posts within the company.

Thomas will report directly to David Hargreaves, the company’s chief operating officer, who had been serving as Hasbro’s COO and CFO prior to the appointment.

Thomas most recently served as senior VP and head of Corporate Finance.

Goldner commented: “Deb is an outstanding and experienced professional who has been an important contributor on many levels throughout her career at Hasbro.

"She has clearly and consistently demonstrated her financial acumen and industry expertise as head of Corporate Finance, and we are pleased that she will now be taking on added responsibilities as Hasbro’s CFO."



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