It was reported by the Los Angeles Business Journal that Saban Brands issued a Worker Adjustment Retraining Notification to the state of California that was dated May 1. In addition, it was announced that Saban Brands will be ceasing all operations effective July 2.
In addition to the shutdown, the company is planning to lay off 60 employees, 51 of which will be laid off on the July 2 shutdown date. Positions being laid off include Creative Director, Financial Analyst, and Director of Accounting.
While Saban Brands is shutting down, its parent company Saban Capital Group will remain operative.
Last month, Hasbro announced that they acquired the full license to the Power Rangers franchise. Haim Saban is still expected to remain as a consultant for the Power Rangers license, Merchandising under the Hasbro name is expected to begin rolling out in Spring 2019.