Liz Burke, WPRO News

The Pawtucket-based toy company says they will cut about 10% of their workforce and consolidate facilities in order to cut expenses.

Hasbro Inc says they failed to meet their expectations of a fourth-quarter revenue because of a weaker than expected demand over the holidays.

“We achieved many of our objectives for 2012 but we did see a decline in revenue and recognized that certain markets in which we operate are challenging. So we’re taking steps to align are costs with this reality,” Spokesman Wayne Charness tells WPRO’s Bill Haberman

Charnes says the cuts will happen all this year and will occur globally, including in the Ocean State.

“Yeah it’s going to be approximately 10% of our workforce around the world. We have about 5,500 employees, so yes that means it will impact people in Rhode Island as well,” says Charness.

The 10% cut will lay off about 550 people.