PROVIDENCE – State officials were disheartened but not surprised that Hasbro Inc. announced Monday that it's leaving Rhode Island after more than a century and establishing a new headquarters in Boston’s Seaport District.
Gov. Daniel J. McKee in a statement said the news “does not impede Rhode Island’s growth or economic success.”
He thanked the company for its “positive contributions in business and philanthropy," but added, ”We maintain that Rhode Island is the best place for Hasbro to call home. And many more companies agree with that sentiment.”
After months in limbo, the Pawtucket-based toy maker Monday took its “next step” in a “play-driven, partner-focused Playing to Win strategy,” which includes transitioning at least 700 full-time employees to Boston by the end of 2026.
Hasbro spokesperson Abby Hodes later confirmed the move will include the company’s entire remaining Rhode Island-based workforce.
Rep. Karen Alzate, D-Pawtucket, acknowledged what she called a “corporate decision” had only cemented what many people in Pawtucket “have feared for quite some time.”
Senate President Valarie J. Lawson and House Speaker K. Joseph Shekarchi, both Democrats, issued a joint statement calling the development “very disappointing,” arguing it was the previous leadership under the Hassenfeld family that made Hasbro “a world-class global company.
“We will continue bringing people together and working hard to attract new businesses to invest in Rhode Island and maintain our ongoing dialogue with existing businesses in the state to expand and grow,” they said.
Since Hasbro executives confirmed they were mulling a move since Oct. 2024, state and local officials had made several unsuccessful efforts to prevent it from happening.
In November, the I-195 Redevelopment District Commission proposed offered a 1-acre parcel on the west bank of the Providence River for just $1; and Pawtucket extended an offer for a 20-acre site that includes the former Apex building.
Pawtucket Mayor Donald Grebien did not immediately respond to Providence Business News requests for comment.
In a statement to the Rhode Island Current, Grebien said the city "did absolutely everything possible to keep Hasbro here. We worked with highly respected architects and developers to put together a bold and comprehensive proposal to Hasbro’s leadership featuring a beautiful new headquarters on the banks of the Blackstone River, with direct pedestrian access to the new Tidewater entertainment district.”
Grebien said he'll work with city and state officials to develop a plan to revitalize property that Hasbro will leave behind. The company was founded in 1923.
Ongoing discussions between Hasbro and officials in Mass. Gov. Maura Healey's administration have led to a proposal under that state’s Economic Development Incentive Program that would provide $14 million in tax credits to Hasbro, or $20,000 per job relocated to Massachusetts, according to spokesperson Margaret Quackenbush. She said the EOED expects to recommend the award for approval by the Economic Assistance Coordinating Council at its next meeting on Sept. 17 “to explain that this incentive is a material factor in the company’s decision to relocate to Massachusetts.”
A spokesperson for Boston Mayor Michelle Wu on Monday said the city is not providing any financial incentives to Hasbro.
Elizabeth Catucci, former CEO and president of the Northern Rhode Island Chamber of Commerce, stepped down recently to head up the nonprofit CEO roundtable The Partnership for Rhode Island. She said the loss of Hasbro “should serve as a reminder that we must stay laser-focused and fully engaged to make Rhode Island a more attractive place for businesses of all sizes.”
Catucci said the specter of losing the iconic company spurred the organization to develop a business-attraction effort, which it plans to launch in the coming weeks, designed to “complement state efforts and provide site selectors with clear case studies that emphasize Rhode Island’s competitive advantages.”
House Republican Minority Leader Michael Chippendale said Rhode Island leaders should forget about competing with Massachusetts using public funds.
“Despite costly efforts to lure and retain businesses with taxpayer-funded incentive packages ... This cycle repeats itself because our leaders fail to focus on improving our dismal, bottom-ranking business climate,” he said.
“We must stop chasing corporations with taxpayer-funded giveaways,” he added.
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
