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Embracer CEO confirms TimeSplitters studio faces closure before Christmas (www.videogameschronicle.com)

submitted 11 months ago by [email protected] to c/[email protected]

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[–] [email protected] 17 points 11 months ago (20 children)

this seems soon-to-be the Embracer cut. this company fucking sucks man. hate this shit

VGC reported earlier this month that Free Radical was at threat of being closed just two years after it was established, as part of huge company-wide cuts at Embracer and its owned publishers.

Although Embracer has yet to publicly confirm Free Radical's position, sources told VGC that Wingefors has now acknowledged in a company e-mail that the Nottingham, UK-based company could be closed on December 11, following the completion of a consultation process.

[–] [email protected] 19 points 11 months ago (19 children)

Why did they buy up everything ? Seemed to fall apart pretty quickly

[–] [email protected] 16 points 11 months ago (11 children)

Borrowing money was cheap until it wasn't. When they bought the old Eidos stuff, everyone thought Square Enix was taking crazy pills. Now, given that everyone's cutting back right now, it looks more like they knew something Embracer didn't.

[–] [email protected] 9 points 11 months ago (1 children)

Wasn’t Embracer depending on a huge cash deal with the Saudis that fell through? Likely had an impact.

[–] [email protected] 6 points 11 months ago

I think regardless of that deal, they were already on the debt-go-round for long enough it would've caught up to them eventually. I can't imagine this was gonna be "one last job then we go clean." The market would continue to demand more and faster growth until they hit the wall one way or the other.

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