Hasbro is considering moving from Pawtucket to Boston

The iconic toy maker and entertainment company Hasbro is considering uprooting its headquarters in Pawtucket, Rhode Island, to Boston. If this happens, it would leave a hole in the Ocean State but bolster the recovering downtown Boston.

“It’s all hands on deck to keep Hasbro in Pawtucket,” Rhode Island Gov. Dan McKee said in a statement. 

McKee and Mayor Don Grebien reached out to Hasbro’s CEO, Chris Cocks, in the hopes of persuading the company to remain in the state. 

“Together, the state and the city will absolutely pursue all options to maintain Hasbro’s presence in Pawtucket,” McKee said. 

Rhode Island Congressman Gabe Amo, who grew up in the city, also hopes to help persuade the company to stay. 

“For more than a century, Hasbro’s Pawtucket headquarters has been the place where toy ideas come to life,” he said in a statement. “The workers at this iconic Rhode Island business have been an invaluable part of our community and I hope that this storied history is on the minds of Hasbro’s leadership.”

Hasbro is one of a few large corporations headquartered in Rhode Island, along with CVS, Textron, and FM Global. 

The international company is known for its portfolio of over 1,800 brands, including Monopoly, Dungeons & Dragons, Nerf, Transformers, Play-Doh, and Peppa Pig. 

Hasbro was founded in 1923 by Henry and Hillel Hassenfeld. It began by selling textile remnants before manufacturing pencil boxes and school supplies. In 1952, it changed the toy industry by creating the Potato Head. 

According to the company’s 2023 annual report, it has about 5,500 employees worldwide, about half located in North America. The company owns its corporate headquarters in Pawtucket, which is about 343,000 square feet, and an adjacent facility of about 23,000 square feet.

The Boston Business Journal broke the news Monday that Hasbro was scouting Boston-area locations. 

According to a source close to Gov. Maura Healey, members of her economic team have met informally with Hasbro. 

“We are always competing for businesses to move and expand to our state and will continue to support existing businesses across Massachusetts,” wrote Healey’s spokesperson, Karissa Hand. 

Hand added that the state is ranked No. 1 for innovation, education, and health care and is also the best state for raising a family and for women. 

In a message Cocks sent to Hasbro employees on Monday, which Boston.com obtained a copy of, he told employees, “Don’t pack your bags yet,” as nothing is final and it could take up to two years to move. 

“As we build a workplace for the future that reflects our brands, our vision, and our impact, we are considering options for a more suitable HQ, including in the Greater Boston area,” Cocks wrote in his email. “We are looking to find a space that allows for collaboration and design and showcases who we are and what we stand for. A space that is accessible to our teams and our partners.”

Hasbro faces headwinds:

The move comes after a challenging year at the company. 

In 2023, the company’s net revenues decreased 15% from the prior year to about $5 billion. 

In a corporate filing last December, the toy maker announced that it was cutting 1,100 jobs or 20% of its workforce. The reductions were on top of 800 job cuts made last year as part of a strategic move to save up to $200 million to reinvest in the business. 

The same filing also announced the company’s plans to close its leased 136,000-square-foot office space in Providence, Rhode Island, by January 2025. 

In addition, the annual report said that Hasbro finalized the sale of its Entertainment One Film and television business, eOne Film and TV, to Lions Gate Entertainment Corp. for $370 million last December. 

However, Cocks was optimistic during the second quarterly results that came out in July. 

“Hasbro is emerging as a more profitable, agile, and operationally excellent company delighting fans of all ages through the magic of play,” Cocks said in a statement to Bussiness Wire.