Embracer Group Conveys Over 1,300 Staff Dismissals Amidst Restructuring

  • Leo Gallagher
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Embracer Group Conveys Over 1,300 Staff Dismissals Amidst Restructuring

The Sweden-based Embracer Group, renowned for owning a vast array of subsidiaries including THQ Nordic, Saber Interactive, and Plaion among others, acknowledged letting go roughly 8% of its personnel after implementing a restructuring initiative, which kickstarted last year.

In June of 2023, the company initially unveiled this significant restructuring program. Since its introduction, huge staff reductions have occurred within several of its studios. Notably, studios such as Saints Row’s Volition faced complete shutdown in August, followed by TimeSplitters’ Free Radical Design halting its operations in December. Last month, Eidos-Montréal, the brains behind Shadow of the Tomb Raider, also reported laying off 97 of its employees.

According to Embracer's most recent financial highlights, 483 job terminations were made during the last quarter of 2023, from October to December. With this, the overall count of people impacted by the restructuring program has crossed 1,387.

In the financial report, the company asserted that their restructuring initiative is on its final legs. Lars Wingefors, CEO of Embracer, stated that while severing ties with team members was a tough call, the overall aim is to bolster shareholder value. He adds that all decisions are framed in adherence to this principle.

Wingefors concludes on a positive note, optimistically looking towards the future. The steps being taken are meant to secure a solid groundwork for forthcoming progress, with a healthily balanced financial status and a simplified structure. He underlined the company's robust assets and IPs, aiming to increasingly exploit their earning capabilities over time.