After at least 1,400 layoffs, 7 studios closed, and 29 games canceled, Embracer CEO admits "I deserve a lot of criticism"

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Although "it's been painful," Lars Wingefors says "I still believe in what we do"

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(Image credit: Crystal Dynamics)

Embracer Group CEO Lars Wingefors is taking the brunt of responsibility when it comes to the company's most recent round of layoffs, studio closures, and game cancelations.

Amid an ongoing period of unprecedented volatility in the video game industry, Embracer laid off 1,400 employees, shuttered seven studios, and canceled 29 games over the course of about nine months in 2023. The restructuring took place after years of high-profile mergers and acquisitions, not to mention the failure of a $2 billion investment deal with Saudi publishing and esports company Savvy Games Group.

"I'm sure I deserve a lot of criticism, but I don't think my team or companies deserve all the criticism. I could take a lot of that blame myself. But ultimately I need to believe in the mission we set out and that is still valid, and we are now enabling that by doing this [new] structure."

"We can't make all the games we wanted to make three years ago, but we need to adapt to it. We will still make games, we still have one of the biggest, if not the biggest, pipeline of games in the industry. And we have great plans over the coming years or decades."

For everything on the horizon, don't miss our complete guide to upcoming video game release dates.

Jordan Gerblick
Jordan Gerblick

After earning an English degree from ASU, I worked as a corporate copy editor while freelancing for places like SFX Magazine, Screen Rant, Game Revolution, and MMORPG on the side. I got my big break here in 2019 with a freelance news gig, and I was hired on as GamesRadar's west coast Staff Writer in 2021. That means I'm responsible for managing the site's western regional executive branch, AKA my home office, and writing about whatever horror game I'm too afraid to finish.