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Saints Row owner Embracer announces "comprehensive restructuring program" to close studios, cut jobs

Tomb Raider developer Crystal Dynamics safe.

The Embracer Group logo on a red background.
Image credit: Embracer

Embracer has announced a "comprehensive restructuring program" which will result in studio closures, project cancellations and job losses.

The Swedish umbrella company has grown enormously through acquisitions over the past five years, and now owns a swathe of studios such as Tomb Raider developer Crystal Dynamics, Borderlands maker Gearbox, rights to franchises such as The Lord of the Rings, and an array of other publishers such as Plaion, Saber and THQ Nordic.

But while amassing its empire, Embracer is yet to see a big return. Last year's big bet, its Saints Row reboot, was a critical and commercial failure. More recently, the company suffered a body blow when a major unannounced $2bn deal fell through, prompting its shares to plummet by an eye-watering 40 percent.

Today's reckoning seeks to make Embracer a "leaner, stronger and a more focused, self-sufficient company", the company's boss Lars Wingefors wrote in an open letter published this morning.

Newscast: Summer Game Fest reaction: Sonic, Sephiroth and zero women.Watch on YouTube

The first phase of this plan, which will last until March 2024, targets "cost savings across the group" and will mean Embracer's 17,000 employee headcount will be cut.

By how much? And on which projects and what studios? "It is too early to give an exact forecast on this," Wingefors wrote.

However, Tomb Raider studio Crystal Dynamics has said it is safe. In a statement released via Twitter, it said there would be "no impact to our continuing efforts with our partners at The Initiative on Perfect Dark, or our next Tomb Raider title being developed in collaboration with Amazon Games."

Employees at other Embracer studios remain unclear what the future holds, however.

"It is painful to see talented team members leave," Wingefors wrote. "Our people are what make up the very fabric of Embracer. I understand and respect that many of you will be worried about your own position and I don't have all the answers to all questions. I want to be clear that the decisions about this program were not taken lightly."

In general, it sounds like Embracer will move from a company focused on acquisitions to one which is trying to make the most of its current studios and franchises - or the ones that will remain at the end of its restructuring.

"Actions will include, but not be limited to, closing or divestments of some studios and the termination or pausing of some ongoing game development projects," Wingefors concluded. "It will also include decreased spending on non-development costs such as overhead and other operating expenses. We will reduce third party publishing and put greater focus on internal IP and increase external funding of large-budget games."

The restructuring will be overseen by Saber boss Matthew Karch and former Square Enix USA boss Phil Rogers, who have been tapped by Wingefors in new executive roles.

Upcoming launches from Embracer include Remnant 2, Warhammer 40,000 Space Marine 2, Payday 3, Hot Wheels Unleashed 2: Turbocharged, Arizona Sunshine 2, Alone in the Dark and Homeworld 3.

Amidst this, one small glimmer of good news. Dead Island 2, which launched earlier this year, is described as one of Embracer's "greatest successes so far" which had "exceeded our management's already high expectations".

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