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Huuuge Games announces group layoffs. The company will lay off 10 percent of its employees

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Huuuge Games Sp. z o. o., a subsidiary of Huuuge Inc., plans to lay off approximately 10 percent of the group’s employees by the end of April 2023, the computer games producer listed on the Warsaw Stock Exchange announced. A few days ago, Huuuge also reported that despite the collapse of the US bank Silicon Valley Bank, he gained access to his account there. At that time, it confirmed that the situation of SVB had no significant impact on the activities of that company’s capital group.

Huuuge, Inc. listed on the Warsaw Stock Exchange, producer of computer games, on March 20, 2023, adopted a resolution on the intention to carry out collective redundancies and commence the consultation procedure regarding collective redundancies in the subsidiary Huuuge Games.

Details of group layoffs

Group redundancies will be carried out by the end of April 2023 and will cover approximately 10% of the workforce. employed. According to the company’s website, the company employs 300 people.

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Huuuge said it would issue another collective redundancy announcement after completing the legally required consultations with the employee representative. Final data on the impact of employment restructuring on the financial results of the Huuuge Group will be provided in the condensed interim consolidated financial statements for the first half of 2023.

Access to your bank account

A few days ago, Huuuge also reported that despite the collapse of the US bank Silicon Valley Bank, he accessed his account there, in which he had cash in the amount of about USD 24.2 million and transferred USD 23.6 million to other banks.

Currently, Huuuge has $0.6 million in SVB held in current and money market accounts.

In accordance with statements from the Federal Reserve Board of March 12, 2023, the Federal Deposit Insurance Agency has taken measures to ensure full protection of all SVB depositors, both insured and uninsured. Huuuge, after analyzing the information obtained and the above communications from US regulators, still assesses the risk of losing funds deposited with SVB Bank as low.

At that time, Huuuge confirmed that SVB’s situation had no significant impact on the operations of the company’s capital group.

Read also: The big bank “fell into ticks”, the avalanche is rolling. Here are the causes of the fall

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