more focused

Embracer CEO Wingefors Declares Restructuring Process Complete

The restructuring process initiated by Embracer Group is complete, said CEO Lars Wingefors at the investor conference following the sale of Gearbox. He believes the company is well on its way to becoming a "more focused" business. The group has no plans for M&A activity for the time being.

Marcel Kleffmann02.04.2024 11:25
Embracer CEO Wingefors declares restructuring process complete
Embracer Group CEO Lars Wingefors. Embracer

Following the divestment of Gearbox Software before Easter, Embracer Group CEO Lars Wingefors announced almost in passing at the investor conference (via Rock Paper Shotgun) that the restructuring process of the Swedish group has been completed. As part of this process, Saber Interactive, including 4A Games and Zen Studios (both of which were considered acquisition options) have been separated, according to the Saber website, and numerous studios have been closed, including Free Radical Design, Volition and Campfire Cabal. The future of THQ Nordic's Piranha Bytes subsidiary is currently uncertain, as the company is still looking for a buyer for the venerable studio based in Essen. Compared to the last financial year, which ended in March 2023, the Embracer Group has shed almost 1,400 jobs. Cuts have also been made at Black Forest Games in Offenburg, Fishlabs in Hamburg, Eidos Montreal and Lost Boys Interactive. At least 42 game projects have been cancelled.