Thunderful Group to lay off 20% of staff as part of restructuring
The Swedish holding company Thunderful Group, which owns many game studios, is switching to economy mode. The company said it was forced to restructure because it had spent too much on purchases and investments over the past few years.
Somerville from Jumpship, a subsidiary studio of the Thunderful Group
"These investments turned out to be wasteful in light of the current situation in the industry. They have resulted in the Group being hit hard by difficult market conditions," the Thunderful Group said in a statement.
With the help of restructuring, the Thunderful Group is going to reduce annual expenses by 90-110 million Swedish kronor ($8.6-10.5 million). She plans to focus on the most profitable projects in the long term and does not rule out the sale of non-strategic assets. It is not specified which specific assets may fall under the knife.
Now the Thunderful Group is discussing with the union the dismissal of 20% of employees. As of September 30, 2023, there were a total of 525 people in the company's divisions. Thus, it can be assumed that just over 100 people will lose their jobs.
The Thunderful Group expects to spend 30-40 million Swedish kronor ($2.9-3.8 million) on restructuring. She hopes that all this will help to increase the competitiveness of the company.
The Thunderful Group includes about 30 subsidiaries. Among them are Rising Star Games, Image & Form, Zoink and Jumpship.
