Embracer Group (EMBRAC-B.ST) has announced a comprehensive restructuring program with immediate implementation. The company has closed studios, canceled games, and laid off staff after a $2 billion contract deal fell through. The company has announced that the comprehensive restructuring program for FY 2023/24 will include operational and financial measures to increase cash conversion, improve efficiency and reduce capex. The restructuring program will also include shutting down or selling off studios, halting or pausing development on games. It has not announced which studios will close or what games will be cancelled.
Who is Embracer Group?
Embracer Group is a Swedish video game holding company that develops and publishes PC, console, mobile and tabletop games and other related media for the global games and entertainment market. The company has acquired many developers, publishers, and properties over the last decade. Embracer Group’s empire includes companies such as THQ Nordic, Plaion, Saber Interactive, Gearbox, Middle-earth Enterprises, Dark Horse Media, Coffee Stain, Crystal Dynamics, Eidos-Montreal, Asmodee, Amplifier, Deep Silver and many others.
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