Layoffs have been one of the defining events of the games industry this year, with thousands of jobs being cut across dozens of companies, all attempting to slash costs as the rapid economic growth of the pandemic years comes screeching to a halt. No company is more emblematic of both these extremes than Embracer Group. In the last few years, Embracer has embarked upon a frenzied spending spree, snapping up studios like Gearbox, Crystal Dynamics Eidos Montreal, and many more, all apparently to stack the decks in a deal with an unknown partner worth at least $2 billion.
But that deal fell through, saddling Embracer with $1.5 billion in debt. Immediately, Embracer began a ruthless effort to start climbing out of the red. The company laid off 904 people between July and the end of September, which included closing Volition, the developer of Saints Row. An unspecified number have also been laid off since, and those won't be the last either.
