PAWTUCKET, R.I. (WPRI) — Hasbro, the toymaking and entertainment giant that's called Rhode Island home for more than a century, could move out of Pawtucket by mid-2026, 12 News has learned. This comes less than a day after Hasbro confirmed it will be cutting fewer than 100 jobs, roughly half of which are based in Rhode Island, to streamline operations. The impending layoffs were announced in a memo sent to employees Wednesday by Hasbro CEO Chris Cocks, made public by The Toy Book. "These changes will improve productivity and empowerment but required making some difficult choices," Cocks wrote in the memo. "As a result ... we are saying goodbye to several team members who will be moving on from Hasbro. We're grateful for their contributions to our mission and wish each of them well." In that memo, Cocks also noted that employees should expect an update on whether the toymaker will be moving its headquarters early next year. "We will also be making investments in our team, most notably exploring a new HQ with a collaborative, modern environment that is reflective of our brands and fosters innovation," he continued. "We wouldn’t be moving until mid-2026 at the earliest, prioritizing convenience to public transit, and working closely with teams to make sure we're building a space that works for our unique needs." Massachusetts Gov. Maura Healey and her team have been attempting to lure Hasbro to Boston since the spring. In an earlier memo to employees, Cocks confirmed that Hasbro has been exploring Greater Boston in search of a suitable space for their new world headquarters. Gov. Dan McKee and Pawtucket Mayor Donald Grebien, among other Rhode Island leaders, have been in contact with Hasbro and said they are actively working to convince the toymaker to stay. McKee's office said last week they were working to schedule a follow-up meeting with company executives. 12 News has reached out to the city of Pawtucket for an update on how conversations are going with Hasbro and is waiting to hear back. TARGET 12: Massachusetts started trying to lure Hasbro in the spring Meanwhile, Hasbro announced Thursday morning that revenue declined by 15% last quarter. However, the company also pointed to a strong performance from franchise brands like Magic: The Gathering and Dungeons and Dragons. "Outperformance within our gaming and licensing businesses in the third quarter highlights the strength in two of our highest profit areas," Cocks said. "Our key initiatives around digital, licensing and reinvigorating our product innovation are bearing fruit." The toymaker reported an operating profit of $302 million and approximately $87 million in net cost savings this quarter. Hasbro also paid out $98 million in dividends to its shareholders. 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 the Ocean State. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Daily Roundup SIGN UP NOW