The toy company responsible for Monopoly, Play-Doh and My Little Pony might be shipping up to Boston.
Hasbro, one of the world’s best known toy companies, is reportedly considering moving its headquarters to Boston from Pawtucket, Rhode Island. The company has toured several locations in the city, real estate sources told the Boston Business Journal. They said they’re looking for a space to better serve their team and business needs, about 200,000 to 250,000 square feet in all.
“As Hasbro continues to evolve, we’re exploring options for our global headquarters to make sure it is a space that can best serve our employees, partners, and business needs for years to come,” Bertie Thomson, the company’s chief communications officer, said in a statement to WJAR. “We’re taking our time, evaluating all options that can best support our team’s creativity and innovation, and will share updates on our progress. Regardless of the outcome and location, we remain committed to our history – not leaving it behind, but building on it.”
The news comes after Hasbro announced in December that it would be laying off 1,000 employees, citing weak toy sales for the year.
Hasbro has been located in Rhode Island for over 100 years. It was founded in 1923 by brothers Henry, Hillel and Herman Hassenfeld. The company had said five years ago that it was in the process of evaluating several options for corporate headquarters.
The company’s move to Massachusetts could strengthen business in the state. Hasbro and its subsidiaries earned $5 billion in net revenues last year and employs 5,500 people worldwide. Hundreds of employees work for Hasbro in Rhode Island, though the exact number is not known.
Asked about the potential relocation earlier this week, Massachusetts Gov. Maura Healey said she supports business growth in the state, so the company’s move would be a welcome one.
Healey said her team is “committed to doing all we can to support businesses and support business growth here in Massachusetts, and that includes expanding the opportunities for companies already located in Massachusetts as well as attracting new companies to Massachusetts, so that’s really important.”
She also noted that Salem, Massachusetts, the hometown of Lt. Gov. Kim Driscoll, is the birthplace of Monopoly.
“We’re pretty familiar with their games around here.”
While Massachusetts might be excited about the idea of a move, Rhode Island Gov. Dan McKee and Pawtucket Mayor Donald Grebien said they are doing everything they can to keep the company right where it is.
“We have reached out to Hasbro CEO Chris Cocks and we look forward to meeting with him with the ultimate goal of ensuring Hasbro remains and thrives in our state,” McKee said in a statement. “Together, the State and the City will absolutely pursue all options to maintain Hasbro’s presence in Pawtucket.”
“All hands are on deck to keep this iconic company in Pawtucket,” added Grebien. “Our teams are finalizing a meeting with the goal of ensuring Hasbro continues to thrive in the place it has called home for so many years. Hasbro has been an integral part of Pawtucket’s identity for decades, playing a vital role in shaping the fabric of our community while growing into one of the world’s premier toy and game companies.”
“We are incredibly grateful for their contributions over the years and for their ongoing commitment to our city. As Mayor, I want to assure our residents that we are doing everything possible to keep Hasbro here in Pawtucket. We are working closely with Governor McKee and our the Commerce Teams. Pawtucket values its relationship with Hasbro, and we remain fully committed to supporting their future success and keeping this iconic company right here where it belongs.”
Hasbro isn’t the only toy company pursuing Boston as its next step. Lego is set to move its headquarters to the Back Bay next year.