Motorsport Games to Lay off Staff

Motorsport Games to Lay off Staff

Business

06 November 2023 15:05

Motorsport Games, the developer behind Nascar Rivals, recently initiated a round of layoffs, resulting in the reduction of around 38 positions, primarily impacting staff in the United Kingdom and Australia. This decision was made by the Miami-based studio as part of its efforts to reduce year-over-year operating expenses, as disclosed in a Securities and Exchange Commission (SEC) filing on October 29.

The company's restructuring program is expected to incur costs in the range of $400,000 to $500,000, which will cover severance and redundancy payments to affected employees. The majority of these expenses are slated to be disbursed during the fourth quarter of its fiscal year 2023.

Tags: Motorsport Games

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Motorsport Games to Lay off Staff

Business

06 November 2023 15:05

Tags: Motorsport Games

Motorsport Games, the developer behind Nascar Rivals, recently initiated a round of layoffs, resulting in the reduction of around 38 positions, primarily impacting staff in the United Kingdom and Australia. This decision was made by the Miami-based studio as part of its efforts to reduce year-over-year operating expenses, as disclosed in a Securities and Exchange Commission (SEC) filing on October 29.

The company's restructuring program is expected to incur costs in the range of $400,000 to $500,000, which will cover severance and redundancy payments to affected employees. The majority of these expenses are slated to be disbursed during the fourth quarter of its fiscal year 2023.

Share:

Sources:

Report mistake   

Submit news   

Related news

View All

Motorsport Games Receives $2.5m Investment

Motorsport Games has announced a strategic investment worth $2.5 million (~£1.8 million), led by Delaware-based virtual reality (VR) technology...

Investments

Apr 16, 2025

Motorsport Games to Shut Down NASCAR Games

Motorsport Games has confirmed that, following the transfer of its NASCAR gaming license to iRacing, it will be pulling...

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Dec 03, 2024

Motorsport Games Employees Won Lawsuit

Motorsport Games faced with several unpaid wages lawsuits from employees. The new reports state that two of the former employees...

Drama

Aug 29, 2023

Valnet Acquires Polygon

Polygon, one of the most prominent video game and pop culture websites of the last decade, has been acquired by...

Business

May 02, 2025

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Just a day after its significant legal victory over Apple, Epic Games has announced a new set of features...

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