BOSTON (WJAR) — Pawtucket-based toymaker Hasbro said Monday that it will move its headquarters to Boston by the end of next year.
The company — known for Nerf, Monopoly and Transformers — said it will occupy seven floors of an office high-rise on Summer Street in the Seaport District.
“The new space will be home to at least 700 full-time employees expected to transition from Rhode Island to Boston by the end of 2026,” Hasbro said in a release.
Hasbro said its toys, board games and licensing businesses, and most of its corporate services, will be based in Boston.
The company said the move will “accelerate innovation, attract leading talent, and drive long-term growth.”
Hasbro’s gaming and digital businesses will remain based on the West Coast.
“Boston’s thriving business community, deep academic partnerships and cultural vibrancy, together with our Seattle team’s leadership in technology, creativity, and innovation, give Hasbro an unparalleled foundation for growth,” Hasbro CEO Chris Cocks said in a release. “Together, these offices will fuel the next chapter of Hasbro.”
Gov. Maura Healey celebrated the decision on social media.
“For an iconic brand that brings joy to children everywhere, there’s no better home base than the best state for innovation, education and families,” Healey said on X. “And with hundreds of new jobs on the way, this is a huge win for our state.”
Gov. Dan McKee released a statement late Monday afternoon.
“Hasbro has made positive contributions in business and philanthropy in our state, and we thank them for that. We maintain that Rhode Island is the best place for Hasbro to call home, and many more companies agree with that sentiment,” McKee said in a statement, which went on to list jobs at other companies in Rhode Island that he said were created under his administration.
“Today’s announcement does not impede Rhode Island’s growth or economic success. Make no mistake: we are continuing to build on our progress and deliver good jobs for Rhode Islanders,” McKee said.
Pawtucket Mayor Don Grebien said the city did “absolutely everything possible” to keep Hasbro from leaving.
“While this decision was ultimately beyond our control, it is disheartening to see a company so deeply rooted in our community choose to turn its back on that history. This is a painful reality for the people of Pawtucket, who stood by Hasbro for over a century. We also empathize with the employees of Hasbro whose lives will be forever impacted by this decision,” Grebien said in a statement.
Rhode Island’s legislative leaders called the move disappointing.
“The decision by Hasbro’s new corporate leadership to transition operations outside of Rhode Island is very disappointing. For decades, the Hassenfeld family created and ran a world-class global company, while giving back to the Rhode Island community through a strong commitment to philanthropy,” Rhode Island House Speaker Joe Shekarchi and Senate President Valarie Lawson said in a joint statement. “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.”
House Minority Leader Michael Chippendale said while Rhode Island could have done more to keep Hasbro, it’s hard to compete against the business power centers of Boston and Manhattan.
“What we’ve been doing is throwing money at companies to either draw them in or to try to retain them here. We create tax incentives, tax treaties, PILOT agreements. We’re giving away the store just to hold on to what we have or maybe attract a new one here or there when we should probably be looking at, why are companies leaving? Why aren’t they relocating here?” Chippendale told NBC 10 News. “That’s probably a more productive approach and an approach that will, I think, position us better to hold on to the companies that we have and hopefully to attract some more. We have to accept who we are.”
Hasbro said it will continue make donations to the hospital in Providence that bears its name.
“The company plans to continue to support Hasbro Children’s Hospital with annual donations and will keep recruiting from Rhode Island’s colleges and universities—honoring the legacy of the Hassenfeld family’s deep roots in the state,” a release said.
Hasbro’s decision has been anticipated for months. The Boston Business Journal reported a year ago this month that the company had an eye on Boston for its future.
Hasbro was founded in 1923 as Hassenfeld Brothers.
Alan Hassenfeld, the last family member to sit on the board, died in July.
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