The first quarter of the year came and went without a peep from Hasbro Inc. on whether the Pawtucket toy and gaming company would be moving out of its Pawtucket headquarters — and where it would go.
Now, the decision has been postponed, with “clarity” on a potential relocation expected by this summer, Andrea Snyder, a Hasbro spokesperson, confirmed in an email Friday morning.
Snyder did not respond to questions about how the economic aftershocks rippling through the stock market and major companies played into the delay. But it’s no secret that Hasbro is hurting; stocks plunged 20% since President Donald Trump announced his “reciprocal tariff” policy on April 2, with Hasbro shares hitting a 52-week low on Tuesday.
Like its game industry competitors, much of Hasbro relies on international supply chains, with 40% of its products coming from China. While Trump backed off tariffs on most other countries earlier Wednesday, the trade war with China continues to escalate, with China raising a retaliatory tariff on U.S. imports to 125% Friday morning.
Before the trade war, the company looked poised to abandon its century-old roots in the Ocean State, trading in its circa 1900 Pawtucket headquarters for a new, modern space in Boston. When news broke in September that the multinational company was eyeing a move across state lines, Rhode Island officials appeared caught off-guard.
Local and state leaders scrambled to try and persuade the company to stay if not in Pawtucket, then in Providence, offering up a piece of prime real estate in the I-195 Redevelopment District for just $1.
But other incentives requiring state funding or legislation through the Rhode Island General Assembly have not been introduced, and House Speaker K. Joseph Shekarchi has deferred to Gov. Dan McKee to take the lead on negotiations with Hasbro executives.
Olivia DaRocha, a spokesperson for McKee’s office, said the governor’s office will “remain engaged” with Hasbro executives.
“We brought together leaders in government, business and higher education to present Hasbro with a strong proposal — one we believe will be difficult to walk away from,” DaRocha said in an email Friday.
This story was originally published by the Rhode Island Current.
