The toy and entertainment giant Hasbro says that it ill cut its workforce by 15%, or 1,000 employees, in the coming weeks.

The significant layoffs are part of a larger restructuring and cost-savings effort underway, with the company having already put its TV and film division Entertainment One up for sale.

“We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability,” Hasbro CEO Chris Cocks said in a statement. “While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.”

In selling eOne, Hasbro articulated a strategy in which it leans into franchise brands like Transformers, Peppa Pig, and Dungeons & Dragons, including in entertainment, though it may do so without its in-house studio.

In addition, Hasbro announced that Hasbro’s president and COO Eric Nyman would leave the company, with a new organizational model set to be unveiled in the coming weeks.

“The elimination of these positions will impact many loyal Hasbro employees, and we do not undertake this process lightly. However, the changes are necessary to return our business to a competitive, industry-leading position and to provide the foundation for future success,” added Cocks.

Hasbro released preliminary earnings, reporting 2022 revenue down 9% for the year, and 17% in Q4.

Only its Wizards of the Coast and digital gaming divisions saw their finances improve for the year, with Q4 revenues up 22% and 2022 revenues up 3%. Hasbro’s entertainment division saw its revenues decline 12% in Q4, and 17% in 2022.

The company is taking $300 million in charges related to its entertainment and business plan changes, and $21 million in costs associated with the acquisition of eOne.