Latest news with #Pawtucket-based
Yahoo
30-05-2025
- Business
- Yahoo
‘Wimpy Kid' author, RI brewery to open beer garden in Plainville
PLAINVILLE, Mass. (WPRI) — The author of the popular 'Diary of a Wimpy Kid' series is partnering with The Guild to bring a food and beverage garden to downtown Plainville. The beer garden is set to be a part of Jeff Kinney and his wife Julie's efforts to revitalize the downtown area. The Guild Garden at Plainville Square will mark the Pawtucket-based brewing company's first expansion outside of Rhode Island. The location will feature a rotating menu of beers, a selection of wine, non-alcoholic beverages and a full kitchen. There will also be covered seating to support live music, author events and more. MORE: RI brewery creating beer to honor Jimmy Carter's impact on the industry The 8,000 square-foot garden will be across the street from the Kinneys' An Unlikely Story Bookstore and Cafe at the intersection of Bacon and South streets. In addition to the beer garden, Plainville Square will eventually feature an anchor restaurant with retail market space and a village green. 'Our goal in redeveloping the center of Plainville is to create a buzzing town square that acts as a 'third place' – a spot where community can grow and new friendships can take root,' Kinney explained in a press release. 'The planned food and beverage garden is a key to a thriving center, and we've found the perfect partner to help us executive our vision in The Guild.' The Guild Garden at Plainville Square is set to open this fall. NEXT: RI barber offers sensory-friendly hours for kids on the spectrum Download the and apps to get breaking news and weather alerts. Watch or with the new . Follow us on social media: Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Journals
24-04-2025
- Business
- Business Journals
Hasbro reduces China exposure, boosts profits with Wizards segment
Story Highlights Hasbro plans to reduce Chinese manufacturing while maintaining presence there. Company's Wizards segment drove strong Q1 revenue and profit growth. Hasbro is pushing for zero tariffs on toys and games globally. Amid shifting trade directives from the White House, Hasbro Inc. (Nasdaq: HAS) plans to reduce its Chinese manufacturing footprint but not completely exit the country. "Today, roughly 50% of our U.S. toy and game volume originates from China, and we're accelerating a plan to bring that down meaningfully starting this year," CFO Gina Goetter said on a Thursday morning earnings call. "China will continue to be a major manufacturing hub for us globally, in large part due to specialized capabilities developed over decades." Toys involving electronics are best manufactured in China, CEO Chris Cocks added. On the other hand, Play-Doh, now mostly made in China, could be produced elsewhere, perhaps by boosting production in Turkey. All in all, the Pawtucket-based Hasbro (Nasdaq: HAS) is cutting costs, running scenario models, resisting "analysis paralysis," and making "no regret moves" in the face of policy uncertainty, Geotter told analysts on the Q1 call. Hasbro uses an "asset-light" manufacturing approach. The reliance on third parties gives it flexibility to pull up stakes in one country and move to another, said Cocks. Still, such moves involve costs. Countries new to Hasbro must develop new manufacturing capabilities. Supply chains and logistics must be re-routed. And amid U.S. tariffs, the company is leaning into export markets in Asia and Europe. Hasbro is better positioned than its toy-and-game peers that have greater exposure to China. That means potential "white space" on store shelves this year, providing an opportunity for Hasbro to fill the consumer gap, said Goetter. Hasbro is presuming 145% tariffs on China and 10% reciprocal tariffs on all other countries this year. It's also presuming a single-digit drop in toy spending, akin to consumer toy-buying behavior during the 2008 financial crisis. "It tends to be a category of small luxuries," said Cox. "It tends to be a category that is heavily gift-oriented." Conversations with retailers are underway, with an emphasis on maintaining price points, especially for "fantastic gifts that kids will be asking for, and moms and dads and uncles and aunts will want to give." Meanwhile, "hundreds of SKUs" will be moved from China-based factories to other countries. In tandem, Hasbro is accelerating an effort to cut $1 billion in run-rate costs. "So we're staying focused on what is known," Goetter said regarding strategy. "And right now, what is known is the 145; the ten.... It's good for us to have a more diversified footprint, so we'll just keep moving on that path." Hasbro: White House should zero-out toy tariffs Hasbro's consumer products segment is its least profitable, but accounts for 45% of net revenue. The toy-and-board-game segment lost money in Q1, but beat expectations with better margins and less red ink. Entertainment had a solid quarter with traction expected due to brand partnerships with film studios including Disney, said Cocks. Hasbro's big profit-and-growth center is Wizards of the Coast and Digital Gaming, home to Magic: The Gathering, Dungeons & Dragons, and digital play hits including Monopoly Go! and Baldur's Gate 3. Digital gaming revenues, largely insulated from tariff threats, are benefitting from a growing customer base, said Cocks. Overall, Hasbro landed a strong Q1 as its Wizards segment saw 46% year-to-year growth. Wizards made $230 million in three months with an operating margin of nearly 50%. Across all three segments — consumer products, Wizards, and entertainment — Hasbro increased its revenues by 17% and boosted its operating profit by 47%, thanks largely to the success of Wizards. Hasbro stock rallied following the earnings release with 16% growth by noon. Shares were trading at around $61 and the company showed a market cap of $8.5 billion. Cocks said Hasbro is among a group of companies lobbying the Trump administration to cut toy-and-game tariffs completely. "As such, we fully endorse The Toy Association's advocacy for zero tariffs on toys and games globally, either on U.S. exports or on imports," the CEO said. "We believe there should be free and fair trade on toys, an industry critical not only to thousands of American jobs, but also to the joy and developmental well-being of millions of children, families and fans across the U.S." Executives made no mention of Hasbro's plan to leave Pawtucket and establish a new headquarters location, perhaps in Boston. The company recently said that it will delay any decision on such a move until at least June. Sign up for Providence Business First's free daily newsletters.
Yahoo
24-03-2025
- Business
- Yahoo
Panels removed from Apex pyramid in Pawtucket
PAWTUCKET, R.I. (WPRI) — The Pawtucket pyramid is coming down. Grace Voll, a spokesperson for the city, told 12 News that the Apex building's ziggurat roof, which is visible from I-95, is in the process of being removed. The pyramid-shaped department store was built in 1969 and has mostly sat vacant for years, other than a few nonprofits working out of the building. Though the pyramid itself is structurally sound, Voll said the exterior panels had deteriorated beyond repair and posed a safety hazard. The panels were removed Saturday morning. 'The removal of the pyramid has nothing to do with the roof,' Voll stressed. 'The pyramid was commercial façade.' Eventually, Voll said the entire Apex building will 'likely need to be leveled' as the city looks to revitalize the downtown area. 'This property is a key part of Pawtucket's waterfront revitalization — connecting the stadium at Tidewater Landing to future residential and commercial developments — with the goal of becoming the new state-of-the-art headquarters for Hasbro,' Voll said. It's unclear whether Hasbro is considering the Apex building for its new headquarters. Hasbro announced last September that it was considering moving to Massachusetts, but the state and city have been trying to convince the Pawtucket-based toymaker to stay. RELATED: A new Hasbro HQ at Apex? Pawtucket leaders scramble for ideas There was a point in time where the city was mulling whether to transform the Apex building into an indoor pickleball facility, but that proposal was quickly shot down. Voll said three nonprofits — Project Health CV, Sleep in Heavenly Peace and the ELISHA Project — are still leasing sections of the building. The city is not planning to ask those nonprofits to vacate the building anytime soon. This comes two weeks after strong wind gusts knocked the iconic red Apex sign off of the top of the pyramid. It's unclear exactly if and when the entire building would be torn down. RELATED: Construction of pedestrian bridge near Tidewater Landing expected in 2025 Download the and apps to get breaking news and weather alerts. Watch or with the new . Follow us on social media: Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
