SCi in trouble; Restructuring the company
Eidos parent axes fourteen projects, 25% of the staff
http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article3458037.ece
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Late last year, SCi, the parent company of Eidos, announced that they would be entertaining offers to buy out the company. Unfortunately, no deals were made, although there were numerous rumors of in-depth talks that leaked out over the year. Nevertheless, SCi has now announced that they will be undergoing a restructuring plan to keep themselves afloat.
In the video game industry you can read restructuring as “layoffs and cancellations” of which SCi has in spades. The company has announced that they will layoff 25% of the work staff and cut fourteen projects from the budget. The restructuring plan itself could run the ailing publisher over $75 million as it focuses on "cornerstone" properties such as Tomb Raider, Hitman and Championship Manager.
Newly appointed Chief Executive Phil Rogers had the following to say, "As illustrated by today's interim results...our quality has slipped below acceptable standards and, through disappointing game development and working within an ineffective operating structure, we are failing to realise the commercial return our creative ability and our shareholders demand. “
"Our infrastructure is too big and expensive for the scale of the business."
SCi is still engaging in entertaining any offers or investments plans.
In the video game industry you can read restructuring as “layoffs and cancellations” of which SCi has in spades. The company has announced that they will layoff 25% of the work staff and cut fourteen projects from the budget. The restructuring plan itself could run the ailing publisher over $75 million as it focuses on "cornerstone" properties such as Tomb Raider, Hitman and Championship Manager.
Newly appointed Chief Executive Phil Rogers had the following to say, "As illustrated by today's interim results...our quality has slipped below acceptable standards and, through disappointing game development and working within an ineffective operating structure, we are failing to realise the commercial return our creative ability and our shareholders demand. “
"Our infrastructure is too big and expensive for the scale of the business."
SCi is still engaging in entertaining any offers or investments plans.