Saban Brands To Shut Down Following Hasbro Power Rangers Acquisition
Saban Brands LLC is set to be purchased by Hasbro Inc. and will shut down on July 2nd, 2018.
According to a Worker Adjustment Retraining Notification letter from Saban Brands lawyer Lawrence Stone from Jackson Lewis, Saban Brands is planned to be shut down on July 2nd of this year after acquisition by Hasbro Inc. The letter was sent to the state of California and also reported that sixty employees will be laid off. The letter was dated May 1st which is the same day Hasbro announced it had acquired Power Rangers.
It is not known whether or not employees subject to layoffs will be rehired by Hasbro. Fifty-one of the sixty layoffs are planned for July 2nd. The parent company of Saban Brands, Saban Capital Group, will continue to operate as normal. Saban Capital Group is an investment firm specializing in entertainment.
Source: LA Business Journal