Ten Square Games to lay off around a quarter of its staff, book writedown (updated)

Ten Square Games

17/04/2023 11:06

(Adds CEO comment, detail)
       GDANSK, April 17 (Reuters) - Ten Square Games  TENP.WA 
said on Monday it plans to cut its workforce by 25%, or about
120 people, by the end of April and suspend two major projects,
blaming a challenging economy and an unstable mobile games
market.
    The Polish company said it will stop development of its
'Undead Clash' and 'Fishing Masters' projects and book a 14.3
million zlotys ($3.39 million) for the former and an 11.4
million zloty write-down for the latter.
    "We have decided to end work on two projects - Undead Clash
and Fishing Masters - and to significantly reduce employment in
areas outside the company's main products. This will allow us to
focus Ten Square Games' resources and energy on the development
of the main titles - Fishing Clash and Hunting Clash - in the
coming months, and prepare for the further scaling of Wings of
Heroes," CEO Maciej Zuzalek said in a statement.
    The company will give a final figure for the write-downs in
its first-half report, after calculating the amount of severance
pay for lay offs. The games write-downs will be included in the
company's second-quarter results.

($1 = 4.2200 zlotys)

 (Reporting by Maria Gieldon, Editing by Louise Heavens and
Susan Fenton)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))