Embracer Group Laid Off About 1,400 Employees, More Cuts to Come 

The Swedish gaming giant Embracer Group has confirmed that they have laid off about 1,400 employees, or about 8% of its global workforce.

In the new quarterly financial report, Embracer Group has given an update on its restructuring effort that started mid-last year, including a confirmation that a total of 1,387 jobs have been cut between July and December 2023.

The same report also unveiled that the restructuring effort is “approaching its final stretch”, but more layoffs are still expected to come as Embracer Group is looking to sell more assets.

“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,” said Lars Wingefors, CEO of Embracer Group.

“Processes are in mature stages. Certain companies might initiate restructuring before any divestment is announced.”

“Our overruling principle is to always maximize shareholder value in any given situation.”

The publisher had an aggressive acquisition spree back in 2022, acquiring many notable studios including Eidos-Montréal, the studio behind the Deus Ex franchise, Thief series, and Marvel’s Guardians of the Galaxy, as well as Tomb Raider studio Crystal Dynamics.

Since its restructuring effort which began in 2023, many studios under its umbrella have seen layoffs, game cancellations, and doors shutting down.

This includes the shutdown of Saints Row developer Volition, Campfire Cabal, and TimeSplitter studio Free Radical Design.

Recently, the publisher has also laid off 97 employees at Eidos-Montréal, with a new unannounced Deus Ex game reportedly canceled.

Meanwhile, Black Forest Games, another studio under Embracer and best known for developing the Destroy All Humans remakes, has reportedly let go 50% of its workforce.

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