Embracer Group CEO Lars Wingefors is taking the brunt of responsibility when it comes to the company's most recent round of layoffs, studio closures, and game cancelations.
Amid an ongoing period of unprecedented volatility in the video game industry, Embracer laid off 1,400 employees, shuttered seven studios, and canceled 29 games over the course of about nine months in 2023. The restructuring took place after years of high-profile mergers and acquisitions, not to mention the failure of a $2 billion investment deal with Saudi publishing and esports company Savvy Games Group.
