Sep 17, 2024
PAWTUCKET, R.I. (WPRI) -- Gov. Dan McKee said Tuesday he expects to meet with Hasbro executives by the end of the week, as Rhode Island leaders scramble to prevent one of the state's most iconic companies from relocating its headquarters after more than a century. McKee's remarks to reporters came one day after news broke that Hasbro executives have been exploring options to move its headquarters out of Pawtucket. "We have every intention to get them to stay," McKee said following an unrelated event, adding that this isn't the first time the company has expressed interest in leaving Rhode Island. "We've heard this story before, so we're going to work together to make sure we're doing everything we can to maintain Hasbro," he said. Separately, 12 News has confirmed Massachusetts Gov. Maura Healey's economic team recently met informally with Hasbro executives as the company explores a potential move to Greater Boston. Karissa Hand, a spokesperson for Healey, said Tuesday that Massachusetts is "always competing for businesses to move and expand to our state and will continue to support existing business across Massachusetts." “Massachusetts has so much to offer — we’re ranked number one for innovation, education and health care," Hand added. "We’re also ranked the best state to raise a family and for women." She declined further comment. Hasbro CEO Chris Cocks informed employees about the situation in an internal memo Monday, confirming that executives have been looking at new office space in and around Boston. Cocks told employees the company wouldn't move for at least 18 months, and that they were still considering all options, so "don't pack your bags yet." "We know a potential new office location is a big deal for you and your families," Cocks wrote in the memo. "We will give you plenty of time and transition before any major change, if there is even a major change." The company owns its 343,000-square-foot corporate headquarters in Pawtucket, which Cocks described as "full of charm and history" but "also showing its age." Hasbro also owns an adjacent building totaling 23,000 square feet, according to corporate filings. "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 the Greater Boston area," he wrote. "We are looking to find a space that allows for collaboration, design, and showcases who we are and what we stand for. A space that is accessible to our teams and our partners." Losing the iconic toymaker would be a blow to Rhode Island's business landscape. Hasbro was founded in 1923 by the Hassenfeld family -- the name is short for "Hassenfeld Brothers" -- and it is one of only a handful of publicly traded companies still headquartered in Rhode Island. Despite operating in 50 different countries, Hasbro has already shrunk its local footprint -- most recently with the announcement that it would close its Providence offices and consolidate operations in Pawtucket. News of the company's potential move caught Rhode Island elected officials off guard, and many have since promised to work to convince Hasbro executives to stay. Congressman Gabe Amo, a Democrat who grew up in Pawtucket, described Hasbro's headquarters as "a place where toy ideas come to life." "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," Amo said in a statement. "I stand alongside leaders across the state in hoping that we can work to ensure that Hasbro continues to call Rhode Island home." Comparisons are already being drawn between the Hasbro situation and what transpired just months ago with another large publicly traded company headquartered in Rhode Island, Citizens Bank. Earlier this year bank executives suggested they would leave the state if the legislature didn't rework tax policy to align with changes recently enacted in Massachusetts. The General Assembly initially balked, leaving the tax change out of the budget bill, only to backtrack within weeks under pressure from Citizens and passed a separate bill. Proponents argued it was worth losing millions of dollars in annual state revenue in order to keep Citizens in Rhode Island. But while Citizens hired a team of lobbyists to push for the tax change, Hasbro has had a relatively low profile on Smith Hill since the 2021 death of former CEO Brian Goldner, who had been close to then-Gov. Gina Raimondo. The company hasn't had a registered lobbyist at the State House since 2019, according to a state database, and House Speaker Joe Shekarchi said Tuesday he hasn't heard anything from company executives. “I have not been contacted by anyone from Hasbro and I’m not aware of any requests that the company may have – but my door remains open to them," Shekarchi said in a statement. "I stand ready to work with the governor and the Commerce Corporation in efforts to keep Hasbro in Rhode Island." Whatever happens next, Cocks promised Hasbro employees that he would share more updates soon, assuring them "we're not forgetting where we came from." "We're proud of our history and our impact on our current community, and we'll keep working with and supporting the local groups and causes we care about," he wrote. "We're not leaving our past behind, we're building on it." Eli Sherman ([email protected]) is a Target 12 investigative reporter for 12 News. Connect with him on Twitter and on Facebook. Ted Nesi ([email protected]) is a Target 12 investigative reporter and 12 News politics/business editor. He co-hosts Newsmakers and writes Nesi's Notes on Saturdays. Connect with him on Twitter, Threads and Facebook. Hannah Cotter contributed to this report.
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