Tuesday, July 19, 2011

Hasbro to Locate Center for Excellence in Providence

Following Hasbro's announcement in May that it would create a Center for Excellence for Hasbro Games in Rhode Island, Hasbro disclosed today that it will locate the Center in Providence.  The site will be the former Blue Cross and Blue Shield of Rhode Island building in LaSalle Square, which has been empty since Blue Cross relocated to its new headquarters in 2009.  The goal of the Center is to bring top games talent together with the Hasbro brand teams, to improve the experience for traditional board games and also for video, digital and online gaming.  The new Center will be only a couple of blocks away from the new headquarters of 38studios, so there is the potential for synergies between the two companies and the talent they attract.

Separately, Hasbro announced today that it will be relocating 59 employees in Rhode Island as a result of creating the Center.  Hasbro also stated that it recorded  $13.1 million of pretax expense for severance relocation and related costs for the three months ending June 30, 2011, and anticipates an additional $7 million in costs over the next 3 to 4 quarters.

Update to provide additional coverage:

Boston Globe
Providence Journal
Providence Business News

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