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Hasbro is headed to Beantown.
The toy company is relocating its Rhode Island operations to Boston’s Seaport District, which will now be the primary headquarters for its toys, board games, licensing businesses and most of its corporate services. Around 700 employees will transfer by the end of 2026.
The move is part of a broader effort, Hasbro’s Playing to Win strategy, which is meant to drive innovation, attract talent and accelerate long-term growth, according to a company press release. Other goals include driving mid-single-digit revenue growth by 2027 and capturing $1 billion in gross cost savings.
Hasbro also has a West Coast headquarters in Renton, Washington, which is the hub for its gaming and digital businesses, including its Magic: The Gathering and Dungeons & Dragons franchises.
“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 statement. “Together, these offices will fuel the next chapter of Hasbro.”
The toy company has campuses and manufacturing sites across the U.S. and offices in Hong Kong, London, Mexico City and Montreal.
Hasbro this summer announced that it had laid off 3% of its workforce, or about 150 employees, as it goes through its turnaround effort.
In its most recent earnings, the company’s revenue dropped 1% year over year to nearly $981 million. Hasbro reported a net loss of about $854.7 million in Q2, compared to a net income of $138.5 million the year prior.