Gameloft attributes 1.1 million in expenses to ‘restructuring’ in India, Philippines

Gameloft has attributed around €1.1 million in expenses to restructuring of operations in India and the Philippines.

Gameloft abruptly shut down its Hyderabad studio earlier this year, in the process laying off over 200 employees with no advance notice, explanation, or severance pay.

In a financial statement outlining the first half of 2013, the company said, ‘Other income and expenses of €1.1 million are linked essentially to the restructuring of Gameloft’s development studios in India and the Philippines’.

Gameloft had refused to comment on the studio closure or layoffs in India, and the financial statement didn’t give away much either, simply stating, ‘This restructuring reflects the major market changes of the last two years and in particular the technological evolution of feature phones and smartphones’.

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