Toadman Interactive, the studio known for developing original titles like Immortal Unchained and plying its trade as a work-for-hire developer, is making layoffs.
The company confirmed the news on LinkedIn and explained it would be making some redundancies and shuttering its offices in Stockholm, Visby, and Oslo.
“Like many other game companies, we have gone through a tough period over the last 12 months, and, unfortunately, that means that we are shutting down our offices in Stockholm, Visby, and Oslo, as well as having some redundancies in our Berlin studio,” reads the statement. “If you are hiring in the games space, please reach out to Araken dos Santos and we would love to make introductions to our talented staff.”
Toadman is owned by Enad Global 7 (EG7) and has worked on notable releases like Helldivers 2, Dead Island 2, Killing Floor Calamity, and Warhammer: End times–Vermintide.
According to EG7’s interim report for the quarter ended June 2024, the company is currently implementing a “cost-saving plan” that will result in Toadman undergoing a number of large “adjustments.”
“The annual cost savings for Toadman is approximately SEK 63 million ($6.1 million) and will affect approximately 100 full-time and contract resources [headcount] previously engaged with Toadman,” reads the report.
“With the market slowdown and recalibration that the industry has seen over the past quarters Toadman has struggled to ramp up its work-for-hire business. As a result, management have decided to undertake further business optimization efforts to bring Toadman to immediate profitability.”
EG7 noted that Toadman’s latest release, EvilVEvil, was met with a “lacklustre reception” when it launched on July 16, 2024. “Sales figures came in at the lower end of expectations,” added the company.
Toadman had 111 employees at the end of that reporting period in June. It’s unclear how many full-time workers will remain once EG7 has finished carving through the studio.