News.

2023

Focus on the group’s main products and adjusting the employment structure to the current scale of operations and plans of the Company..

17 Apr 23
Author: Nina Grabos
4 minutes

The Management Board of Ten Square Games decided to focus the Company’s operations on the Group’s main products – Fishing Clash, Hunting Clash and Wings of Heroes, and to adjust the employment structure to the current scale of the Company’s operations and plans.

The strength of Ten Square Games is the ability to adapt to changing market conditions. In order to provide the organization with the possibility of development in the future, we decided to focus on the main products of the group and reduce operating costs. Therefore, we decided to finish work on two projects – Undead Clash and Fishing Masters – and to significantly reduce employment in areas outside the Company’s main products. This will allow us, in the coming months, to focus Ten Square Games resources and energy on the development of the main titles – Fishing Clash and Hunting Clash and prepare for further scaling of Wings of Heroes. We are determined that Ten Square Games will come out of this period of turbulence stronger and ready to take further development activities in due time for the Company.” – says Maciej Zuzalek, CEO of Ten Square Games.

On April 17, 2023, the Management Board of Ten Square Games decided to reduce employment, entailing also the commencement of consultations with employee representatives regarding group layoffs. The Management Board’s intention is to focus the Company’s operations on further development and growth of its main products in the coming months. Therefore, further development work on the Undead Clash and Fishing Masters projects has been suspended. The Company decided that further work on Undead Clash would take many more months, and the costs incurred would be disproportionate to the potential revenues from this project, in particular due to the high competition in this market segment. The Fishing Masters project was implemented in the idle RPG segment, which is outside the main area of the Company’s operations, hence the decision to terminate it.

Due to the closure of the Undead Clash and Fishing Masters projects, the Company will write off the capitalized costs related to the production of games. As at March 31, 2023, this value amounted to PLN 14.3 million for Undead Clash and PLN 11.4 million for Fishing Masters. The final amount of the write-off of costs related to the development of games will be disclosed in the report for the first half of 2023, after calculating the amount of severance pay for dismissed persons based on the final conditions of dismissal. The sum of both games write-downs will be charged to the results of the Ten Square Games Group in the second quarter of 2023.

Due to the closure of the two above-mentioned projects and the decision to adjust the employment structure to the current scale of the Company’s operations and plans, the Management Board of Ten Square Games decided to reduce employment by approximately 120 people, including 50 employed under employment contracts.

All the actions we take are accompanied, above all, by the thought of the future of Ten Square Games. We currently see the greatest opportunities for development in focusing on the main products of the Group and looking for development projects in the hobby and simulation niche. The next few months will allow us to reorganize our activities and prepare for the next phase of development based on the strongest competences of the Ten Square Games team. – comments Andrzej Ilczuk, COO of Ten Square Games.

The company will inform about the completion of legally required consultations with the employee council. The Company will provide an estimate of the costs related to the process of group layoffs together with the results for the first quarter of 2023, and the exact cost in the report for the first half of 2023. 

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