Staff at Gearbox face layoffs shortly after the sale to Embracer

In a disheartening turn of events, layoffs have already commenced less than a day after the announcement of Take-Two Interactive’s acquisition of Gearbox Entertainment from the troubled Embracer Group. Following the recent layoffs at Gearbox, numerous former employees have taken to Twitter to express their thoughts. Although the exact number of affected staff is still unclear, it appears to have a substantial impact.

Insider Gaming has contacted Gearbox and its new parent company, Take-Two Interactive, for comment. However, in the meantime, staff members who were caught off guard are sharing their side of the story. Former PR Manager Jennifer Locke shared the news that she, along with many others, has been laid off at Gearbox. Jewels Verne expressed disappointment over losing their job, while Chris Harada announced the end of their tenure at Gearbox on LinkedIn.

Embracer Group recently sold the Texas-based company for a mere $460 million, which is significantly less than the hefty $1.3 billion it initially paid to acquire Gearbox in 2021. Quite a substantial drop in value, to say the least. This staggering loss of $840 million in a little over two years truly highlights the absurd state of the video game industry.

As always, our heartfelt sympathies go out to all those impacted, and we sincerely hope they will overcome this challenge. We eagerly await your thoughts on this latest development in the comments section below.