Hasbro Balance Sheet Issues

Hasbro (HAS) came in with some weak numbers but banged their fists on the table and said the brands are strong even if sales are down. They have refinanced some short term liabilities into long term debt. But their cash position is down. Sales have dropped but receivables are up significantly and inventories are down. So what does this mean for Christmas if the inventories are down? Their customers are starting to drag out payments and Hasbro is trying to protect itself with lower inventories. Not good. What is worse management just keeps serving up the brands are strong mantra.