LYCOS RETRIEVER 
Hasbro: Company
built 633 days ago
Hasbro promises laid-off employees a "comprehensive and competitive severance package." Some will have the chance to apply for jobs elsewhere with Hasbro, including its 380-employee Wizards of the Coast division in Renton, the company said.
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Hasbro, Inc. has agreed to pay a $280,000 civil penalty to settle Federal Trade Commission charges that the company has engaged in deceptive toy advertising in violation of a 1993 consent order. The FTC alleged in this case that a Hasbro commercial represented that children can operate Hasbro’s “Colorblaster” paint sprayer toy and complete the multi-part stencils that come with it with very little effort. In fact, the FTC alleged, Hasbro used a motorized air compressor during filming to provide the pressure necessary to operate the toy with ease and to achieve the results shown in the commercial. Hasbro’s ad agency, Grey Advertising, Inc.... has agreed to settle FTC charges in connection with its role in the Colorblaster commercial.
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In 1995, Mattel approached Hasbro about a possible merger of the two largest toy companies in the world. Negotiations took place in secret over the course of several months until the Hasbro board early in 1996 unanimously turned down a $5.2 billion merger proposal that would have given Hasbro stockholders a 73 percent premium over the then-current selling price. Hasbro officials expressed doubts that the merger could pass antitrust challenges and wanted a large up-front payment to help the company's performance during what would have likely been a lengthy antitrust review and to protect itself against the possibility that the merger would collapse. Mattel officials, on the other hand, maintained that the merger would have had little difficulty gaining approval, but backed away--and did not initiate a hostile takeover--when Hasbro waged a vigorous media campaign emphasizing the possible negative ramifications of such a mega-merger. Also clouding the deal was an ongoing Federal Trade Commission investigation into alleged exclusionary policies between toy manufacturers and toy retailers, involving most notably the Toys "R" Us chain.
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The Nineties was an exciting decade for Hasbro. The Company made significant acquisitions that solidified its leadership and greatly expanded its vast brand portfolio. In addition, Hasbro had a number of hits throughout the decade thanks to a keen instinct for innovative products, new technologies and burgeoning trends.
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Verrecchia has spent 43 years at Hasbro and took over as president and chief executive in 2003, succeeding Alan Hassenfeld, a member of Hasbro's founding family. Hassenfeld, the current board chairman, will step down as chair but remain a board member, the company said.
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In 1928, Playskool, a company that was to become part of the Hasbro family in the mid-1980s, was founded in Milwaukee. Two former school teachers had the idea that preschool aged children could benefit early learning experiences at home before they got to school, hence the name, Play-Skool.
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