Group layoffs at a major mobile game producer. 10% will lose their jobs. employees

“The Management Board of Huuuge Games sp. z oo (the “subsidiary”) adopted a resolution on the intention to carry out group redundancies and start the consultation procedure regarding group redundancies. Group redundancies in the Subsidiary will be carried out by the end of April 2023 and will cover approximately 10% of employees in the Issuer’s Group in total (as at the end of December 31, 2022)” – we read in the Monday announcement of the global producer of mobile games, which is listed on the Warsaw Stock Exchange.

Huuuge Games has announced group layoffs

“As a consequence of the subsidiary’s management board’s resolution on the intention to carry out group redundancies and the commencement of the consultation procedure, the employee representative will be notified. In addition, the subsidiary will notify the relevant employment offices of the intention to carry out group redundancies” – it was emphasized. However, the reasons for the reduction of employment were not given.

In the further part of the communiqué, the American company states that it will publish another communiqué on the matter after the completion of the legally required consultations with the employee representative. Final data on the impact of employment restructuring on the Huuuge Group’s financial results will be provided in the condensed interim consolidated financial statements for the first half of 2023.

Huuuge Games referred to the collapse of Silicon Valley Bank

The mobile maker said last week that despite the collapse of Silicon Valley Bank (), he gained access to his US bank account, where he had cash in the amount of about $ 24.2 million. As we read, Huuuge transferred $23.6 million to other banks. It was explained that on March 17 he had 600,000 in SVB. dollars, held in current accounts and “money market accounts”.

In accordance with statements from the Federal Reserve Board of March 12, 2023, the Federal Deposit Insurance Agency has taken measures to ensure full protection of all SVB depositors, both insured and uninsured. Huuuge, after analyzing the information obtained and communications from US regulators, still assesses the risk of losing funds deposited with SVB Bank as low. At that time, the company confirmed that the situation of SVB had no significant impact on the activities of its capital group.

Huuuge currently employs over 600 people and has nine offices in nine cities around the world. The games of this producer are played by players from 195 countries around the world. It has over 3 million active players per month.