Embracer Group's Restructuring Continues Amid Debt Reduction Efforts

CEO Phil Rogers warns of more closures and layoffs in the 'agonizing' but necessary process to meet new goals.

Embracer Group's restructuring process is still in its early stages, with CEO Phil Rogers warning of more cancellations, closures, and possible management buyouts.
The company has reduced its net debt from $1.5 billion to $1.4 billion, aiming to bring it down to $757 million by the end of their next financial quarter in March 2024.
Embracer has laid off around 900 people across its operations, including staff at Mythforce developer Beamdog and Star Trek Online developer Cryptic.
Embracer is rumored to be considering closing Timesplitters developer Free Radical and selling off Borderlands developer Gearbox.
Phil Rogers has stated that the restructuring and layoffs have been an 'agonizing' but necessary process to meet the company's new goals.