Just 6 Years Ago Hasbro Was Going to Build a New HQ in Providence
GoLocalProv Business Team
Just 6 Years Ago Hasbro Was Going to Build a New HQ in Providence
Multiple locations were discussed, and as GoLocal first reported, there was a plan by former Providence Mayor Joe Paolino and top Gilbane executives to tear down the Superman Building and transform downtown Providence.
Six years ago was a long time ago.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTOn Monday, in an email to employees. Hasbro’s CEO Chris Cocks announced another major round of layoffs — this time 1,100. Hasbro had laid off 800 earlier in the year.
In a regulatory filing, Hasbro said the layoffs were expected to save $100 million in costs a year.
The company also announced that it will close its Providence offices just across from the AMP at the conclusion of its lease in January 2025.
The remaining employees will be moved back to Pawtucket headquarters. The decision leaves a massive vacancy in the commercial real estate market in downtown Providence.
For more than 80 years, members of the Hassenfeld family led the Pawtucket-based toy company. The business transformed drastically from a pencil manufacturer to the largest toy company in the world, making movies and games.
Cocks is the third CEO for Hasbro in the past 14 months.
In 2017, GoLocal broke a series of stories about Hasbro’s then-emerging plans to consolidate its regional offices into a new corporate campus.
In July of 2019, Hasbro stock hit $123 a share — on Monday, it closed just below $46 a share — a 62% loss in value.
But a lot has happened to the company over the past six years.
In January 2022, Chris Cocks was named CEO. He previously served as President and Chief Operating Officer of Hasbro’s Wizards of the Coast and Digital Gaming division.
In October 2021, Rich Stoddart had been appointed CEO following the October passing of Hasbro’s longtime CEO Brian Goldner.
In October 2021, Hasbro CEO Brian Goldner died at 58.
Hasbro issued the following statement at the time of Goldner's death:
Goldner, 58, joined Hasbro in 2000 and was quickly recognized as a visionary in the industry.
He was appointed CEO in 2008 and became Chairman of the Board in 2015. He was instrumental in transforming the Company into a global play and entertainment leader, architecting a strategic Brand Blueprint to create the world’s best play and storytelling experiences.
Through his tireless work ethic and unwavering focus, he expanded the Company beyond toys and games into television, movies, digital gaming and beyond, to ensure Hasbro’s iconic brands reached every consumer. The culmination of his pioneering strategy was the 2019 acquisition of the independent entertainment studio eOne.
The all-cash transaction valued at approximately £3.3 billion -- or $4 billion -- is a game-changer in the entertainment and toy industry. eOne owns a cadre of brands including Peppa Pig.
Also brought to the Pawtucket company in the deal was the ownership of Death Row Records' catalog of music.
In November 2018, it was announced that Hasbro was to open family entertainment centers across North America.
Pawtucket-based Hasbro said it teamed with Kilburn Live to build family entertainment centers across the U.S. and Canada.
GoLocal exclusively reported a plan by two real estate mega-forces, Providence developer Joe Paolino of Paolino Properties and Bob Gilbane of Gilbane Development, that would build an approximately 36-story tower at the location of the now vacant Superman Building.
GoLocal reported:
The new structure is being pitched to Hasbro for its new consolidated headquarters. The Paolino and Gilbane plan is just one of a number of plans submitted, but the only one that includes the demolition of the Superman building. Some of the other proposed offered for Hasbro's consideration include building a campus for Hasbro on 195 lands. Other potential developers include Procaccianti Companies who "has owned, developed or managed millions of square feet of real estate." The company owns the Renaissance Hotel in Providence to name just one of its holdings.
Reaction to the "Hasbro Tower" was immediate and varied across the business community and the public. Top government financial expert Gary Sasse joined GoLcoal's Business Monday just an hour after GoLocal broke the story and Sasse said the new tower and the demolition of the Superman Building is a win-win. See more on his appearance on GoLocal.
Bob Whitcomb, former Editor of the editorial page of the Providence Journal and now GoLocal contributor, said the proposal was a plus for Providence as the existing vacant building faces too many challenges to ever be restored. As previously reported Hasbro is in some level of talks to acquire rival toy company Mattel. Today, Hasbro is enjoying a high-performing stock, the top ranking in the best corporate citizen ranking list, and growing profits. The company employs a reported 1,600 in Rhode Island and 5,400 globally.