650 of the employees at Sega Sammy Holdings (Parent company of SEGA) have ben asked to voluntarily retire, meanwhile cutting wages of directors.
The decision, according to sources, was made in part with the latest restructuring of Sega Sammy, that also saw the company selling 3.51 million shares in the retail company Sanrio, thereby cutting it down from 11.27% to 7.09%. The restructuring is primarily the result of the hit Sega Sammy has received due to the COVID-19 pandemic. Sega Sammy expects to experience a loss of 97 million USD by the end of Q1 2021.
This information comes following the withdrawal of SEGA Entertainment from the Arcade business, having sold 85.1% of its shares in the company to Japanese arcade company Genda. The shares are expected to be transferred on Dec. 30th and will leave Sega Sammy with voting rights of only 14.9%, though it has been agreed upon that the SEGA arcades will keep their name.
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