Sega Sammy Holdings Expects Poor Annual Results, Performs Major Restructuring

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Sega Sammy HoldingsSega Sammy Holdings announced that it expects to report an "extraordinary loss in the year ending March 2012." The company has adjusted its forecast net income to nearly half of previous predictions. This prediction is obviously certain, as the time period concerned is already over, and the company is clearly preparing its annual financial statements. The company's given reason for the shortfall is "...the severe economic environment in the U.S. and Europe and rapid change in market environment of home video game software." In response, the company has decided to restructure, cancelling some games, incurring costs for processing inventory and reducing headcount. Costs are expected to total around ¥7.1 billion (around $86 million) and total job losses were unspecified.

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This page contains a single entry by Editor published on March 30, 2012 3:32 PM.

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