Greetings, Adventurers!
Thunderful Group to implement "restructuring programme" affecting around 20 percent of staff
17.01.2024 - 19:31 / eurogamer.net / Victoria Kennedy / Martin Walfisz
Swedish video game holding company Thunderful Group is to implement a «restructuring programme», which will see around a fifth of its workforce laid off.
Thunderful, which owns multiple development studios and publishers including Coatsink and Somerville developer Jumpship, said this programme aims to «strengthen the Group's long-term competitive position» by lowering costs and «increasing focus on areas with the best future growth and profitability prospects».
This will include staff reductions of approximately 20 percent, as well as the «divestment of non-strategic assets».
The company cited over-investing in recent years as the reason for its need to restructure. «These investments have proven unsustainable given the current industry climate, which has resulted in the Group being particularly affected by challenging market conditions,» it wrote earlier today.
«The new management team and the board of directors have identified the need to restructure the Group and focus its efforts on the strategic assets with the best long-term prospects.»
In a statement, the company's CEO Martin Walfisz said there was «no alternative other than to reduce costs and focus the business on areas with the best future growth and profitability prospects». He added it had been «difficult» to make these decisions, and he will be sad to say goodbye to many of his colleagues.
«Nevertheless, I am convinced that this is a necessary direction for Thunderful and that these changes will make the company a stronger player in the market,» he closed.
News of Thunderful's restructuring programme is, sadly, just the most recent in a long line of layoffs and studio closures over the last 12 months. Our Bertie covered the impact last year in particular had on the industry in his feature, You can't talk about 2023 in games without talking about layoffs.
Meanwhile, just this week, a «sizable» portion of the Gearbox-owned studio Lost Boys Interactive was laid off.
The website gametalkz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Authors
Popular Topics
tech.hindustantimes.com
26.01.2024 / 08:09
Microsoft warns of Russian-sponsored group that hacked its executives' emails
= Microsoft Corp. said it has begun warning organizations that they were targets of the same Russian-sponsored group that hacked into its executives' emails late last year.
wccftech.com
24.01.2024 / 02:57
Digital World (DWAC) Moves Another Material Step Closer To Merging With Trump Media and Technology Group
This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
tech.hindustantimes.com
20.01.2024 / 05:41
Satya Nadella-led Microsoft says Russia-linked group hacked employee emails
Satya Nadella-led Microsoft Corp. said a Russian-linked hacking group attacked its corporate systems, getting into a “small number” of email accounts, including those of senior leadership and employees who work in cybersecurity and legal.
thesixthaxis.com
18.01.2024 / 16:21
Thunderful to lay off 20% of its staff in restructuring programme
Thunderful Group has announced a major restructuring programme that will see around 20% of its workforce laid off in an effort to significantly reduce running costs and rebalance the business.
destructoid.com
17.01.2024 / 21:27
Thunderful Group will cut about 20% of its staff in restructuring effort
Thunderful Group is joining the growing list of companies undergoing significant layoffs, as it’s announced it will be letting go of about 20% of its staff.
gameinformer.com
17.01.2024 / 19:11
Thunderful Group, The Company Behind 2023's SteamWorld Build, To Lay Off Roughly 100 People
Thunderful Group, the company behind games like 2023's SteamWorld Build and Lego Brick Tales, has announced plans to lay off roughly 20 percent of its workforce, as first reported by GamesIndustry.biz. Kotaku notes that 20 percent of the company's workforce is about 100 employees. As for why, Thunderful CEO Martin Walfisz cites the company's need to reduce costs.
techradar.com
17.01.2024 / 17:01
Thunderful Group to lay off around 20% of its staff in an attempt to make the company ‘stronger’
Thunderful Group, a Swedish video game holding company that owns a number of game publishers and developers as well as gaming and toy distribution companies, has announced that it plans to lay off around 20% of its staff as it restructures its operations.
gamingbolt.com
17.01.2024 / 15:50
Thunderful Group is Laying off 20% of its Workforce
2023 was sadly the year that saw thousands of jobs in the games industry being cut due to industry-wide layoffs, and unfortunately, that’s continued in the early days of 2024 as well. The latest to join that list is Thunderful Group, the company that publishes and develops the SteamWorld series and owns the likes of Image and Form Games, Rising Star Games, Zoink, Coatsink, Jumpship, and Headup Games.
thesixthaxis.com
17.01.2024 / 15:41
Thunderful to lay off 20% of its staff in restructuring programme
Thunderful Group has announced a major restructuring programme that will see around 20% of its workforce laid off in an effort to significantly reduce running costs and rebalance the business.
thesixthaxis.com
17.01.2024 / 15:41
GAME to end video game trade in from next month – Confirmed by Frasers Group
Update 17/01 – It has now been confirmed that UK retail chain Game will be phasing out trade ins and pre-owned game sales through the next few months as the company is tied more deeply with the rest of the Frasers Group.
videogameschronicle.com
17.01.2024 / 14:33
Thunderful Group announces plans to lay off 20% of its staff
Swedish video game holding company Thunderful Group has announced plans to lay off a fifth of its staff.