The company was founded in Montreal, Quebec, by Paul Gallant, and marketed itself as "The Puzzle Innovators".
Its namesake appears to stem from the fact that the company's mascot is a green frog, and "Wrebbit" is either an alternative spelling or possibly a play on words of the word ribbit.
In the late 1990s, 3-dimensional puzzles were a successful fad, leading to a rapid growth in the company.
When Irwin Toy filed for bankruptcy a year later, Gallant bought back the business and relaunched it in a much reduced state.
In 2005, the business was bought by Hasbro, which moved the manufacture of Wrebbit's puzzles to its facility in East Longmeadow, Massachusetts, in 2006.