Ubisoft Entertainment SA is closing its sales offices in Spain, Italy, the Netherlands, Poland and the Nordics after the company disclosed a cost-cutting plan following disappointing sales in the fiscal quarter ending in December.
(Bloomberg) — Ubisoft Entertainment SA is closing its sales offices in Spain, Italy, the Netherlands, Poland and the Nordics after the company disclosed a cost-cutting plan following disappointing sales in the fiscal quarter ending in December.
The commercial office closures will affect about 60 employees and are part of a reorganization of its European and Canadian units, the French gaming company said in a statement to Bloomberg News on Monday. The company has more than 20,000 employees worldwide, according to its website.
Ubisoft reported weak holiday sales and lackluster game launches in its most recent financial results, blaming what it called “major challenges” from a worsening economy and repercussions from a post-pandemic production crunch. It announced a plan to cut costs by €200 million ($218 million) over two years that will involve employee attrition and selling non-core assets.
“Ubisoft’s Publishing Group has reorganized its European and Canadian business subsidiaries to better prepare them for the future of our fast-evolving industry and have a more efficient and agile approach,” the company said in the statement.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.