Swedish game company, Enad Global 7, recently announced the closure of Toadman. They revealed this decision to their investors, explaining that while there were attempts to enhance the developer’s profitability, including various cost-cutting measures, these efforts fell short.
By closing Toadman, EG7 anticipates an annual savings of approximately SEK 46.5 million in operating expenses. This move affects 69 staff members, including subcontractors. However, 42 employees will retain their positions, as they are involved in work-for-hire projects with Daybreak and Cold Iron.
Back in 2020, Toadman Interactive underwent a rebranding transformation to become EG7. This change positioned them as a parent company presiding over three entities: developers Toadman Studios and Antimatter Games, publisher Sold Out, and ad agency Petrol.
“This choice was not made lightly and results from several efforts to steer the subsidiary towards profitability, including last year’s cost-saving measures,” EG7 explained. “The ongoing work-for-hire contracts with Daybreak and Cold Iron will continue uninterrupted during this process, ensuring that the deliverables of these contracts are met. This decision takes immediate effect for all employees not involved in these contracts.”
