Lars Wingefors, CEO of Embracer Group, has estimated the layoffs carried out in its different departments at 900 throughout the second fiscal quarter (July-September), affecting approximately 5% of the workforce.
Last June Embracer began a major restructuring operation to reduce costs. It was the consequence of the failure to close a deal worth $2 billion with an unnamed investor (it appears to be Saudi Arabia’s Savvy Gaming Group) in May that led to a stock market crash. cluster.
As reported by VGC, Wingefors began its presentation of the latest quarterly results by talking about the layoffs:
“Before we get into the details of our second quarter, I want to start this conference with a personal thank you to the 900 who left Embracer during the second quarter [fiscal]”.
“As you will hear today, we are determined to transform Embracer into a more agile and solid company. That being said, I find it painful that you had to leave the group. “We have done and are doing everything we can to keep jobs without changing what we need to achieve.”
“Our people are what constitute the very essence of Embracer. For me personally, it is crucial that the program [de reestructuración] is carried out with compassion, respect and integrity.”
In the three months to which Wingefors refers we have learned of layoffs at Crystal Dynamics, Gearbox Publishing and Beamdog. In addition, the Volition studio was closed and they are studying the sale of Gearbox.
Outside of this period we have heard of layoffs at Zen Studios and Cryptic Studios; also of the possibility of a closure of Free Radical if they do not find a buyer.