Embracer Group announces restructuring plan, layoffs & studio closures expected

While CEO Lars Wingefors announced that layoffs will be happening, he could not provide forecasts on just how many jobs will be terminated.

Image via Embracer Group
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Embracer Group is about to go through a major restructure in an attempt to cut costs and add increased stability to it’s fiscal year. The company announced a plan to restructure its overall business, which will include layoffs, studio closures, and the termination of various ongoing video game development projects. The exact estimate on layoffs is unavailable at this time.

The plan for Embracer Group to restructure was posted on its investor relations website on June 13, 2023, as well as an open letter from CEO Lars Wingefors addressing the restructure and what exactly it will entail.

Embracer Group CEO Lars Wingefors' statement on the timeline of the company's restructure.
Embracer Group CEO Lars Wingefors stated that plans to restructure the company should be finished by March 2024.
Source: Embracer Group

Embracer had a rough run of recent financial news leading up to the announcement of its new restructuring plan. The company revealed in its Q4 2023 interim financial report that it had what was supposed to be a $2 billion USD deal unexpectedly fall through. Embracer Group never shared what the deal was for or with whom, but the company’s share price took a dive on the news and has yet to recover. It hasn’t been all bad for Embracer. The company was able to claim success on the launch of Dead Island 2, which crossed 2 million in unit sales and marked the most successful launch of the franchise.

Nonetheless, with no current estimates on upcoming closures, cancelations, and layoffs, it looks like more difficult times ahead for Embracer Group. Stay tuned as we continue to follow for updates to this story.

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.

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