Cryptic Studios Hit by Layoffs Amid Embracer's Restructuring
Embracer Group, the parent company of Cryptic Studios, has implemented a "reduction in force" resulting in layoffs at the Neverwinter developer. The extent of the layoffs is unknown, but reports suggest that talented individuals across various disciplines have been affected. Embracer Group has been restructuring its business, divesting studios, scrapping projects, and laying off developers in an effort to become a highly cash-flow generative business. This follows previous layoffs at studios such as Crystal Dynamics, Rainbow Studios, and Gearbox Publishing. Embracer CEO Lars Wingefors has indicated that more closures and layoffs are expected, and the company may consider divesting its studios, including Gearbox. Embracer has not provided specific details on the layoffs and closures but plans to update the market on its progress in November 2023.
