The 8 biggest business stories to watch in R.I. in 2026

Prospect Medical Holdings, the California-based for-profit hospital chain that owns Roger Williams Medical Center and Our Lady of Fatima Hospital, filed for bankruptcy in January 2025 after years of financial distress. The two safety-net hospitals have faced mounting loss and uncertainty tied to a stalled sale to The Centurion Foundation, the Georgia-based nonprofit that has struggled for months to secure financing. In October, Prospect moved to close the two hospitals by year’s end, a move that health leaders have warned would overwhelm emergency departments and systems statewide.

Prospect and the Rhode Island attorney general’s office struck a short-term deal in early December to keep the two hospitals operating through the end of January while a deal is worked out in court.

Brown University president Christina H. Paxson navigated major federal pressures in 2025, reaching an agreement with the Trump administration to restore its federal research funding and settle three investigations into the university.

But 2026 may bring even more issues. In December, a campus shooting killed two students and injured nine others. While even the most critical employees and students of Paxson have been supportive of her in the aftermath of the shooting, she’s faced external pressures. The US Department of Education is now investigating campus security.

Brown will also commission an external “After-Action Review,” which will include an assessment of campus safety leading up to the shooting, on the date of the shooting, and the aftermath. Key findings will be made public sometime in 2026, and could shape the university’s path forward.

Secretary Liz Tanner of Rhode Island Commerce, the state’s lead economic development agency, resigned from her post in June to lead Ocean State 2026. The nonprofit organization was created by Governor Dan McKee, who said it would be dedicated to ensuring Rhode Island maximizes the economic opportunities of the World Cup, which will be held at Gillette Stadium in Foxborough this summer. The nonprofit is chaired by Rhode Island General Treasurer James A. Diossa, whose office said Wednesday they are exploring private and public dollars to fund the effort.

It’s unclear where funding stands. Tanner told NBC-10 recently that the nonprofit will likely put in a funding request to the state Legislature when it convenes this month.

The World Cup is seen as a once-in-a-lifetime opportunity for Rhode Island and Massachusetts, where roughly 1 million visitors are expected to visit the region.

Nicholas S. Schorsch seems to be just about everywhere.

A wealthy entrepreneur and investor, Schorsch has been on a roll with his Heritage Restaurant Group since relocating to Newport from New York City 13 years ago, and has amassed a growing portfolio.

In 2025 alone, the group acquired historic Vanderbilt hotel, a Georgian Revival mansion, and restaurants like Olneyville New York System in Providence, Jo’s American Bistro in Newport, Anthony’s Seafood in Middletown, Providence Coal Fired Pizza, Union Station Brewery, and more. In December, the group announced it would acquire The Quencher, a Newport pub with a rooftop deck.

The group also operates Caleb & Broad, Flo’s Clam Shack, The Reef, The Red Parrot, The Brick Alley Pub, Newport Craft Brewing, La Forge Casino Restaurant, La Costa Lobster Rolls and Tacos, Cluck Truck, Cluck House, A Mano Pizza & Gelato, and Wally’s Wieners. It also owns Newport Lobster Company, one of the largest seafood wholesalers in the area, and runs concessions at Easton’s Beach.

Most of the restaurants Schorsch has acquired were longtime family-run operations where the owners were eyeing retirement. His purchases, proponents say, were a lifeline so they could step away from their businesses and be financially secure. But critics worry about the powerhouse the group is becoming, saying it could stifle competition and raise prices.

David Sweetser, the principal of High Rock Development and owner of the long-vacant “Superman” building in downtown Providence, died unexpectedly in July. Sweetser purchased the Industrial Trust Co. building at 111 Westminster St. in 2008. He had plans to redevelop the empty office tower into 300 apartments with commercial space. The project was initially supposed to be completed by spring 2025, but has faced yearslong delays.

In the wake of his death, Superman’s developers vowed to push forward with their plans for the building, tapping their longtime legal counsel, Michael K. Crossen, to lead the company and oversee the project. The redevelopment’s survival hinges on the potential award of a low-interest loan of up to $236 million from the US Department of Transportation. It’s unclear when the Trump administration will make a decision. Bill Fischer, a longtime spokesman for the project, said Wednesday the development team continues to “maintain steady dialogue” with DOT and “remain optimistic” about funding. “We are looking forward to an extremely productive 2026,” said Fischer.

The total cost of the project has ballooned to $318 million, according to federal documents.

The Washington Bridge westbound on Interstate 195 abruptly closed in late 2023, leaving drivers scrambling, and a long list of questions about what went wrong. The bridge — meant to last at least two more decades — needs to be demolished and rebuilt.

Governor McKee originally aimed to get the new bridge open by September 2026 at the latest. The total cost — including demolition of the old bridge and emergency repairs — is expected to be $570 million. The timeline has been pushed back at least two years. The state has sued 13 companies that were previously hired by the state to inspect the bridge, or do construction or design work. The suit remains ongoing.

Hasbro’s relocation from Pawtucket to Boston is a symbolic and economic blow to Rhode Island, stripping the state of one of its few corporate headquarters and raising questions about its ability to retain legacy employers.

A hiring push for the Boston office began in September, and local business and political leaders in Rhode Island are now bracing themselves for the impact Hasbro’s decision will have on jobs, tax revenue, and on Pawtucket’s efforts to reinvent its downtown.

The corporation still owns its aging offices in Pawtucket, and it’s unclear whether the company plans to lease or sell them, and when. State and local leaders have reached out to the company, said Jennifer Almeida, a spokeswoman for Pawtucket Mayor Don Grebien, but their communications have gone unanswered.

Local media companies are facing continued financial strain, which has led to layoffs, buyouts, and consolidation across television, print, and public media. Cuts in 2025 hit The Providence Journal, Ocean State Media (the merged organization of Rhode Island PBS and The Public’s Radio, a NPR affiliate), and ABC6.

This past fall, Sinclair Broadcast Group, which owns or operates roughly 180 stations nationwide including top-rated NBC affiliate WJAR-TV, took over WLNE-TV, the market’s ABC station. The takeover effectively reduced competition in the Providence–New Bedford market by eliminating one of the market’s three long-time competitors.

At Ocean State Media, nearly 20 employees took voluntary buyouts in September as the nonprofit outlet scrambled to close a $1.1 million budget hole. Led by Pam Johnston, who was previously the general manager for GBH News in Boston, the organization has since rebranded and placed a larger emphasis on digital content and videos made for social media in order to attract a broader, and younger, audience.

Public media funding will remain a key issue in 2026 while for-profit newsrooms will have to continue to grapple with declining advertising revenues and shifting audience habits.

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Alexa Gagosz can be reached at alexa.gagosz@globe.com. Follow her @alexagagosz and on Instagram @AlexaGagosz.