Toadman Interactive, the studio known for developing original titles such as Immortal Unleashed and which operates as a developer on commission, is laying off staff.
The company confirmed the news on LinkedIn and explained that it would make some layoffs and close offices in Stockholm, Visby and Oslo.
“Like many other video game companies, we have been through a difficult period over the last 12 months and unfortunately, this means that we will be closing our offices in Stockholm, Visby and Oslo, as well as having some layoffs in our Berlin studio,” the statement read. “If you are hiring in the video game industry, please contact Araken dos Santos and we would be happy to introduce you to our talented staff.”
Toadman is owned by Enad Global 7 (EG7) and has worked on major releases such as The Hell Divers 2, Dead Island 2, Killing Plan CalamityAND Warhammer: End Times – Vermintide.
Second EG7 Interim Report for the quarter ended June 2024, the company is currently implementing a “cost savings plan” that will result in a number of significant “adjustments” for Toadman.
“The annual cost savings for Toadman amount to approximately SEK 63 million ($6.1 million) and will affect approximately 100 full-time and contract resources. [headcount] previously engaged to Toadman,” the report reads.
“With the market slowdown and the recalibration that the industry has seen in recent quarters, Toadman has struggled to grow its commissioned work business. As a result, management has decided to undertake additional business optimization efforts to bring Toadman to immediate profitability.”
EG7 noted that the latest version of Toadman, Evil Evilwas met with a “weak reception” upon its launch on July 16, 2024. “Sales figures came in below expectations,” the company added.
Toadman had 111 employees at the end of the June reporting period. It’s unclear how many full-time workers will remain once EG7 finishes busting the studio.