Toys R Us' Chapter 11 bankruptcy filing won't stop Hasbro from selling its toys at Toys R Us stores this holiday season, Hasbro CEO Brian Goldner told CNBC on Monday.
"We didn't know that it was going to happen, and obviously when you first hear about this you take a few days off. We wanted to understand exactly what the impact might be," Goldner told "Mad Money" host Jim Cramer after earnings.
While Hasbro's quarterly report beat Wall Street estimates, shares of the toy maker fell over 8 percent intraday on muted guidance for holiday sales related to Toys R Us' bankruptcy filing.
On Hasbro's conference call, Goldner called the near-term effect of the Toys R Us news "disruptive" and told listeners that Hasbro had paused shipments while the company waited for clarity on the toy seller's situation.
"It's taken us a month to get a plan together and a new agreement with them which we've signed just a few days ago," Goldner told Cramer.
The CEO added that Hasbro has taken steps to broaden its end markets so that situations like these don't stymie the toy maker's sales prospects in the long run.
"Toys R Us has been a great partner for us and has grown, but we've also grown our retail footprint," he said. "We're making new and differentiated product that goes to a bigger retail footprint around the world, to value stores and dollar stores, to mass retail and, of course, to omni-channel and online."
Goldner also said that Hasbro's management has been working to alter old contracts with online sellers, improve price points for their products and innovate new toy lines to prevent single-handed hits to sales like Toys R Us'.
"What we see is a growing retail environment and, certainly, long term, 2018 and beyond, we don't see this persisting as an issue," Goldner said.
And with less than two months left until the rush of holiday season, Goldner said that Hasbro's relationship with Toys R Us will remain intact, if slightly re-formulated.
"We wanted to be very clear that we are making a new plan with them, we are shipping them, they are partnering with us, we are partnering with them," the CEO said. "We believe that we can grow together, but again, we had to re-look at our plan for the rest of the year given how close we are to the holidays and how important these months are to our business."
Watch Brian Goldner's full interview here:
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