Square Enix Los Angeles Hit With Layoffs Following Restructuring
Following the resignation of its president, Square Enix is undergoing a restructuring which saw the L.A. office affected with cutbacks.
In March, Square Enix made the public aware of its financial estimate adjustments, showing the company did not meet expectations. As a result, president Yoichi Wada stepped down in what would be the first part of a company-wide restructuring. Part of the plan, according to sources speaking with Joystiq, includes layoffs in the public relations and marketing departments at the Los Angeles office. Additionally, Mike Fischer, president and CEO at Square Enix America, will be let go in May.
"We can confirm that Square Enix's Los Angeles office has eliminated a number of positions as part of the corporate restructuring announced last week," Square said in a statement to Joystiq. "This is an unfortunate situation and we are offering assistance and severance packages to any employees affected by this, we want to thank them for their hard work and sincerely wish them well in the future."
More layoffs are believed to be coming to the Japanese and European branches as well, but Square Enix hasn't made anything official in that regard as of Wednesday morning. This situation is a continuing trend in the industry, which has seen studio closures left and right over the course of the last 18 months. We wish those effected the best of luck.