More Layoffs Hit The Game Industry As Embracer Lets 900 Staff Go
Image Source: Nintendo Life
Embracer Group, a video game company known for Saints Row and Tomb Raider, laid off 904 or 5% of its employees after a failed $2 billion deal with Savvy Games Group. After racking up $1.3 billion in debt, the company hopes to reduce that number to below $1 million. At a conference for the second fiscal quarter, CEO Lars Wingefors took a moment to thank the 900 people who were let go. Wingefors said, “We are determined to transform Embracer into a leaner, stronger company. That said, it’s painful to me that you need to leave the group, and we have been, and are doing, everything we can to preserve jobs without changing what we need to achieve.”
Wingefors continued, “Our people are what make up the very fabric of Embracer. For me, personally, it’s crucial that the program is carried out with compassion, respect, and integrity.” Embracer Group will continue its restructuring through closures and buy-outs but warned that more layoffs will be coming.
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Image Source: IGN
According to Wingefors, Embracer expected to accelerate its growth in the fourth quarter of the fiscal year and claimed that the company’s operating expenses savings were ahead of schedule. Wingefors expressed his confidence that Embracer would become a stronger company on the other side of these major changes. Embracer Group is planning to release Homeworld 3, South Park: Snow Day!, Arizona Sunshine 2, Expeditions: A MudRunner Game, Alone In The Dark, Outcast - A New Beginning, Lightyear Frontier, and Deep Rock Galactic Survivors throughout the fiscal year.
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