Embracer Group Lays Off 900 Employees
Embracer Group has announced the layoff of 904 employees, or 5 per cent of its workforce, since its financial difficulties began following the collapse of a $2 billion deal with Saudi government-funded company Savvy Games Group.
The Swedish company has been chastised for the drastic cuts it has made in 2023, including the closure of long-running Saints Row maker Volition. Embracer said during a financial presentation that its internal headcount had been reduced by 713 people (511 developers and 202 non-developers), and its external developer headcount had been reduced by 191.
CEO Lars Wingefors thanks all of the employees he let go during a presentation to deliver Embracer's Q2 financial report. "Before we get into the business details of our second quarter, I want to start this conference by saying a personal thank you to the 900 people who left Embracer during the second quarter," as per media reports.
It will not, however, end there. Embracer stated that ongoing restructuring, closures, or buy-outs are taking place and will result in "further headcount reductions." That means more layoffs are on the way.
