Swedish games firm Enad Global 7 is shutting down Toadman.
In a release to investors, the company said that this follows an attempt to improve the developer's profitability, including some cost cutting efforts, but this appears to have not been enough.
EG7 says it will be saving around SEK 46.5 million per year in operating costs off the back of this closure. 69 members of staff, including subcontractors, are impacted, while 42 employees are protected as they are working on work-for-hire projects with Daybreak and Cold Iron.
Toadman Interactive rebranded as EG7 back in 2020 as the parent company sitting above three businesses; developers Toadman Studios and Antimatter Games, publisher Sold Out and ad agency Petrol.
"This decision does not come lightly and follows several initiatives to turn the subsidiary profitable, including the cost-saving measures executed last year. Ongoing Work-for-Hire (WFH) contracts with Daybreak and Cold Iron will be protected in this process, this means that a complete closure of activities will be optimized to fulfill the contract’s deliverables. This will have an immediate effect on all employees not engaged in these contracts."
