Toy giant Hasbro is considering relocating its headquarters from Pawtucket, Rhode Island, to Boston, which has local politicians scrambling to keep the company in the state. Governor Dan McKee and Mayor Don Grebien are working hard to persuade Hasbro’s CEO, Chris Cocks, to stay in Rhode Island. Congressman Gabe Amo also hopes to convince the company to remain in Pawtucket. Hasbro, known for brands like Monopoly and Transformers, has been a staple in Rhode Island since its founding in 1923.
The move comes amidst a challenging year for the company, with net revenues decreasing by 15% in 2023 and plans to cut jobs and close offices. However, Cocks remains optimistic about the company’s future profitability. The potential move to Boston could bolster the city’s recovering downtown while leaving a hole in Rhode Island’s business landscape. The decision is not final, and it could take up to two years for the move to be completed.
Hasbro is one of the few major corporations headquartered in Rhode Island, alongside CVS and Textron. The company’s potential departure would impact the state’s economy and workforce. With a rich history in Pawtucket, the company’s presence has been integral to the community. Politicians and leaders are working tirelessly to keep Hasbro in Rhode Island and prevent the loss of jobs and economic activity in the city.
Source
Photo credit www.boston.com