EG7 Shuts Down Toadman | PC Games Insider

Enad Global 7, a gaming conglomerate from Sweden, is making the difficult decision to close down Toadman. In a statement directed at investors, the company explained that despite efforts to boost the developer’s profitability by cutting costs in various areas, these measures simply weren’t enough to keep things afloat.

By shutting down Toadman, EG7 anticipates reducing its annual operating expenses by about SEK 46.5 million. Unfortunately, this move affects 69 staff members, including subcontractors. However, 42 employees will remain secure in their positions as they are involved in ongoing projects for Daybreak and Cold Iron, which are work-for-hire arrangements.

Back in 2020, Toadman Interactive underwent a transformation, adopting the EG7 brand and becoming the umbrella organization for three businesses: the development studios Toadman Studios and Antimatter Games, the publisher Sold Out, and the advertising agency Petrol.

“We didn’t take this decision lightly. It came after several attempts to make the subsidiary profitable, including implementing cost-saving strategies last year. The work-for-hire contracts with Daybreak and Cold Iron are being preserved, ensuring that a total shutdown will be managed to meet these contractual obligations. Unfortunately, this results in immediate changes for all employees not involved in those contracts,” the company stated.