Embracer Cancelled 29 Unannounced Games From July to December, Laid Off 1,400 Employees - News

by William D'Angelo , posted on 04 March 2024 / 4,186 Views

Embracer Group announced it cancelled 29 unannounced games from July to December 2023 and has laid off around 1,400 employees as part of an ongoing restructure.

As of December, Embracer had 132 video game studios, down from 139 in June. It is also working with 50 external studios, which is down from 59.

Of the around 1,400 employees laid off this includes 871 internal game developers, 252 internal non-developers, and 264 external developers.

"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 Embracer CEO Lars Wingefors.

"Processes are in mature stages. It’s important to add that certain companies might initiate restructuring before any divestment is announced."

Embracer has shut down Saints Row developer Volition and TimeSplitters studio Free Radical Design, as well as laying off employees at multiple studios including Gearbox Publishing, Crystal Dynamics, Eidos Montreal, and many more.

Thanks, VideoGamesChronicle.

A life-long and avid gamer, William D'Angelo was first introduced to VGChartz in 2007. After years of supporting the site, he was brought on in 2010 as a junior analyst, working his way up to lead analyst in 2012 and taking over the hardware estimates in 2017. He has expanded his involvement in the gaming community by producing content on his own YouTube channel and Twitch channel. You can contact the author on Twitter @TrunksWD.

10 Comments

Machina (on 15 February 2024)

Embracer's house of cards finally collapsing.

2zosteven (on 16 February 2024)

29 games cancelled? how many games do they have in development?

halil23 (on 16 February 2024)

Embracer had/has Free Radical Design and Crystal Dynamics, ffs they are quality devs. Wished stupid squareenix didn't sell off crystal and Sony brought Free Radical Design

Garrus (on 15 February 2024)

The Deus Ex failure hurts. That's the one I want the most.

rapsuperstar31 (on 15 February 2024)

Just sell off all video game companies for a loss and close up shop, Embracer Group doesn't belong in the video game industry.

Knitemare (on 15 February 2024)

Goodbye any chance for another Legacy of Kain...

SAguy Knitemare (on 17 February 2024)

I don't think there was really any chance of that happening. The last game is is sitting at 1.5 mill sold. Not exactly setting the world ablaze in the 20+ years it's been out.