Subj : Embracer confirms its laid off over 1,300 people since the start
To   : All
From : TechnologyDaily
Date : Thu Feb 15 2024 11:45:05

Embracer confirms its laid off over 1,300 people since the start of its 
restructuring program

Date:
Thu, 15 Feb 2024 11:29:11 +0000

Description:
Embracer's new financial report confirmed its restructuring program has cut 
around 8% of staff since it began.

FULL STORY
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Embracer Group, the Swedish video game and media company that owns a huge 
number of subsidiaries, including Plaion, Saber Interactive, and THQ Nordic, 
has confirmed that its laid off around 8% of its staff since the start of its 
restructuring program last year. 

The restructuring program was first announced in June 2023, and since then, 
its seen enormous staff cuts across a wide range of its studios. For example, 
Saints Row studio Volition was closed down entirely in August, as was 
TimeSplitters studio Free Radical Design in December. Just last month, Shadow 
of the Tomb Raider developer Eidos-Montral confirmed it was laying off 97 
members of staff . 

In its latest financial report , Embracer confirmed that in the last quarter 
(between October and December 2023), the company laid off 483 people, 
bringing the number of staff affected by the restructuring program since its 
inception up to 1,387. 

The report also confirmed that the company is nearing completion of the 
restructuring program. CEO Lars Wingefors wrote: As we are nearing completion 
of the program, we are tracking well towards our opex and capex targets, 
improving current and future cash flow generation. He referred to the 
decisions to part ways with team members as particularly difficult," but 
earlier in the report, he said: "Our overruling principle is to always 
maximize shareholder value in any given situation." 

Slightly later in the report, Wingefors wrapped up his statement by 
expressing optimism for the companys future. He said: With the actions that 
we are now taking, we are creating a strong foundation for the future, with 
an improved financial profile, and a more streamlined structure, while 
leveraging the potential of our diversified portfolio. We have great assets 
and IPs and we aim to demonstrate the earnings power of those assets over 
time. 

 Looking for more games to play? You can find some excellent recommendations 
on our lists of the best indie games and best indie horror games .



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Link to news story:
https://www.techradar.com/gaming/embracer-confirms-its-laid-off-over-1300-peop
le-since-the-start-of-its-restructuring-program


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