Embracer Group Reveals Nearly 1,400 Employees Have Been Laid Off, Warns More Job Losses Could Happen
Almost 1,400 jobs have been lost as a result of Embracer Group‘s ongoing restructuring efforts, the mega-publisher confirmed today.
Embracer Group announced last year that it was making a number of key changes to its operations, resulting in widespread job losses across multiple studios, and the closure of some outfits including Volition and Free Radical.
Now, the studio confirmed that some 1,387 employees have been let go as a result of these restructuring plans, with 904 laid off last quarter and an additional 483 people losing their jobs during the three-month period ended December 2023.
Lars Wingefors, CEO of Embracer Group, has now said that these restructuring efforts are in the “final stretch,” but warned more jobs could still be at risk going forward.
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As part of the restructuring program, Embracer still has a few larger structured divestment processes ongoing that could strengthen our balance sheet and further reduce capex. Processes are in mature stages. It’s important to add that certain companies might initiate restructuring before any divestment is announced.
However, our overruling principle is to always maximize shareholder value in any given situation. We are unlikely to reach the target under the restructuring program of below SEK 8 billion in net debt by March 31, 2024. However, certain divestments could significantly reduce net debt post March 31.
[Source – VGC]
