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Sega Sammy Seeking To Cut 400 As Losses Mount

Sega Sammy Seeking To Cut 400 As Losses Mount

February 8, 2008 | By Brandon Boyer

February 8, 2008 | By Brandon Boyer
More: Console/PC

Japan based Sega Sammy has announced that it seeks to reduce its workforce by 400 employees, following the release of its nine month results that show losses of 15.8 billion yen ($147.9 million), down from a profit of 49.4 billion yen ($463.1 million) the year prior.

The company's overall sales in the nine month period ending December 31st, including its pachislot and amusement machine business as well as its console and handheld games, have also fallen over 15 percent to $3.12 billion.

"In the consumer business," the company said in a release, "overseas videogame software sales were up compared with the same period in the previous fiscal year with strong sales of Mario & Sonic at the Olympic Games," but fared worse in Japan.

"Sales volume in Japan and other regions totaled [1.88 million] copies during the first three quarters of the current fiscal year, while sales totaled [6.25 million] copies in the U.S. and [6.25 million] copies in Europe. Overall sales came to [14.7 million] copies," said the company.

The company said cutbacks of 400 employees were necessary "due to Sega failing to respond to changing business environment," and include the closing some 110 unprofitable amusement centers over the past nine months, and "reductions of officers' remuneration and bonuses of managerial-level staffs."

For its full year ending March 31st, the company has lowered its overall sales forecast from $5.06 billion to $4.46 million, and has sharply dropped its profit expectation -- formerly anticipating a profit of $9.38 million, Sega Sammy now warns of $243.9 million in losses.

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