Swedish gaming giant Embracer to cut costs

Swedish gaming group Embracer, which owns the Borderlands franchise and the Tomb Raider licence, announced Tuesday a vast restructuring programme that includes the closing of studios and cancelling game projects.

“During the past years, Embracer invested significantly both in acquisitions and into a strategy of accelerated organic growth,” Embracer CEO Lars Wingefors said in a statement.

“The programme presented today will transform us from our current heavy-investment mode to a highly cash-flow generative business this year,” Wingefors added.