Embracer says 1,387 jobs and 29 games lost isn’t enough

2023 and 2024 have been ruinous for the game development community, as layoff after layoff has struck every corner of the industry. At the time of this writing, we lost over 10,000 jobs in 2023 and 2024 is rapidly gaining on it. To anyone following the layoffs, one name kept cropping up: Embracer Group. This conglomerate, which had been acquiring studios left, right and sideways only a few months ago, was now one of the key figures behind the overwhelming layoffs.

The Embracer Group has released its interim third-quarter financial report today. Now we have a better understanding of the full scope of the company’s “restructuring” efforts, including the fact that it’s not yet done with the program. Despite having cut 8% of its workforce, or 1,387 jobs, Embracer said it’s still not going to meet its debt reduction goals. It’s also warned that the bloodletting isn’t finished, as Embracer has not yet dug itself out of debt.