Layoffs To Come At ‘Lord Of The Rings’ IP Owner Embracer Group Following Restructure

deadline.com:

Layoffs and closures are imminent at Lord of the Rings IP owner Embracer Group as the Swedish outfit unveils a restructure that will focus on “cost savings, capital allocation, efficiency and consolidation.” In a letter delivered to staff this morning, Embracer Group CEO Lars Wingefors said it will be “painful to see talented team members leave,” as he unveiled an interim COO and CSO structure that will drive the changes home.

An Executive Management team led by Matthew Karch and Phil Rogers will work to implement a review over the coming months, taking the lead on consolidation and structure.

The number of layoffs were not detailed in the letter. The restructure is being divided into different phases over the next nine months, focusing on “cost savings, capital allocation, efficiency and consolidation,” according to the letter.

The first phrase will look at cost savings, the second analyzing specific actions and third on internal consolidation. “I’m proud of what we have built over the past years and we should acknowledge that we are heading into a solid year,” he added. “Embracer was founded on the values of trust, a long-term mindset and a desire to embrace different perspectives.