Embracer Group has laid off 8% of its workforce during its restructuring program

Embracer Group has confirmed that its restructuring program has resulted in just under 1,400 job cuts since June 2023, with more likely to come.

The details:

• In its latest financial report, the company confirmed that over 483 employees were laid off in its third fiscal quarter, bringing the total number of job cuts during its restructuring to 1,387. "In a group-wide effort, our companies and studios have had to make difficult decisions, particularly on having to part ways with team members," said CEO Lars Wingefors. "In total, we have reduced our global headcount by 8% of the workforce since the start of the program."
• According to Wingefors, the program is in its "final stretch," but he warned that more layoffs may occur as Embracer is unlikely to meet its net debt target of less than SEK 8 billion by the end of March.
• The restructuring was announced in June 2023, and it has resulted in not only layoffs but also studio closures and project cancellations, including Volition, Free Radical, and a new Deus Ex game. During the report, it was also revealed that 29 unannounced projects have been canceled since April 2023, reducing the total number of unannounced projects under the company from 153 to 124.

More gaming news:

• Bloober Team has claimed that the recent trailer for its Silent Hill 2 remake "does not reflect the spirit of the game," following criticism for focusing on the game's new combat system.
• Sony has announced that it will not release any new "major" titles in its existing PlayStation franchises in 2024.