The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Information / Computing Computer programming, consultancy and related activities Computer programming activities 62.10 - Computer programming activities
100 jobs Number of planned job losses
Announcement Date
14 November 2024
Employment effect (start)
14 November 2024
Foreseen end date
Description
Thunderful, the Sweden-based games company, has announced that it plans to cut about 100 jobs worldwide.
The layoffs will affect staff in Sweden and abroad (more detailed information on locations is unknown). The layoffs will primarily affect members of the development team, as well as roles in administration and management.
The move comes as the company shifts its strategic focus toward third-party publishing and scales back internal game development. The restructuring aims to achieve annual cost savings and improved cash flow of between SEK 80 million and SEK 90 million.
This follows a previous restructuring round announced in January 2024, which led to a 20% workforce reduction and targeted annual savings of up to SEK 110 million. Despite earlier cost-cutting efforts, the company continues to miss revenue targets and faces ongoing negative cash flows.
The Thunderful group has offices in Sweden, the UK, Denmark, Norway, Germany, Finland, Spain, and Hong Kong. The group employs about 3,300 people worldwide.
Eurofound (2024), Thunderful, Internal restructuring in World, factsheet number 202999, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/202999.
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