The gaming and esports company 100 Thievesbased in Los Angeles, returns to laying off part of its workforce this week, while also announcing its plans to to separate from its Juvee beverage brand. and its video game development studioor, more precisely, of to split these operations into their own entities. The last time the company made cutbacks was in January, when it laid off about 30 workers.
The news of these layoffs first appeared on social networks when the affected employees announced that they were no longer part of the company. A representative of 100 Thieves has communicated that the affected employees are receiving severance pay and assistance in finding work.although no specific details were provided. Nor were any details disclosed on how many employees have been affected by this latest round of layoffs or which departments they belonged to.
In a lengthy statement posted on X/Twitter.on President and COO of 100 Thieves, John Robinsonexplained why the company made these decisions:
Today we announced the separation with Juvee and our game development studio, as well as a reduction in the size of our team. We are making these changes because we believe the time has come for 100 Thieves to refocus on its core business, albeit smaller, but better.
During the esports franchise era, we saw tremendous growth in our esports business and our brand, and we were fortunate to be able to make investments beyond that core. As the economic landscape has changed over the last couple of years, the growth of our business has not kept pace with the growth of our organization. We can’t afford as large an organization as we used to, and that responsibility falls on Matt and me.
Going forward, Matt (referring to co-founder Matthew Nadeshot” Hagg) and I believe there is a clear path forward for 100 Thieves, we need to refocus on the original promise we made to our fans: esports championships, great content and an apparel brand they are proud to wear.
Juvee and our video game studio have come a long way through our incubation, so we’re excited about their future as independent companies and will continue to encourage them as always. We will share more updates on these companies in the coming months.
100 Thieves is committed to making eSports sustainable, and to achieve this we need to learn from these experiences. We don’t have all the answers today, this is just the beginning of a new chapter. But these changes will help 100 Thieves become a healthier company and ensure that we focus our money and attention on the most important part of our business: the core.
The organization was developing a video game, as yet unannounced, as it showed what its video game development operations were capable of when it released Bank Heist, an island/build mode in Unreal Editor for Fortnite (UEFN) in July. It has also boosted its brand of Juvee drinks in recent months with new flavors and increased distribution in the United States and abroad.