The Embracer Group, an international games and entertainment holding ⁤company, has announced a consolidation of assets‌ and⁢ cost-cutting measures with the closure of‍ its ‌Swedish-based studio, Volition, and layoffs at its Texas-based studio, Gearbox Publishing. In a statement, Embracer⁤ Group CEO⁣ Lars Wingefors said that the cost-cutting measures are necessary to ensure the company is being “responsible ⁤stewards of our finances.”

The closure of​ Volition comes after several failed attempts to⁣ find a buyer for the studio. According ⁢to Wingefors, the decision‍ to close Volition was made primarily ​for ‍financial reasons,⁢ as keeping it open was not a “viable business option.” In addition, the Embracer ⁤Group ‍will continue to support Volition’s​ employees through its‌ “Moving Forward” program, which includes job placement assistance and career coaching.

At⁢ Gearbox Publishing, the majority of layoffs were in the marketing department. According ‍to ​a​ statement from Gearbox ‍Publishing, the layoffs⁤ are ⁢part of an effort to “streamline operations and ‌focus on a more fiscally responsible approach.” Gearbox Publishing will ​continue ​to support its current titles and plans to expand into publishing for ​other developers,⁣ such as SEGA and 2K Games.

Despite the cost-cutting measures, the Embracer Group remains committed​ to growing its presence in the gaming industry. In a ‍statement, Wingefors‌ said that “this is a period of transformation‍ rather than contraction, and our hope is⁢ that these decisions will make ‌the‌ group a⁣ stronger and more focused partner for future deals.”

The Embracer Group is the parent company of several gaming-focused studios ⁣and publishers, including THQ​ Nordic, Saber Interactive, and Gearbox Entertainment. Last year, the company acquired⁤ five gaming studios in a single day, further cementing its place among the industry’s top players.