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United Kingdom 06/02

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Square Enix Reports "Extraordinary Loss" - President Resigns

This sparse document (Adobe Acrobat format) announces the resignation of Yoichi Wada from his post as president of Square Enix. This follows the revelation that the Japanese publisher anticipates an "extraordinary loss" in its next financial reporting noted in a statement (Adobe Acrobat format) with revised financial forecasts. VG247 summarizes the bad news from the revision, noting that this includes lowering the company's projected sales slightly, but involves a giant increase in losses, saying the company's previously projected 3.5 billion net income loss is now anticipated to be closer to 13 billion ($138 million USD). Word is the revision is due to slow sales of major console titles, a sluggish arcade market, and the addition of approximately 10 billion in restructuring efforts, saying: "In view of the rapidly changing environment of the game businesses, the Company has decided to implement major reforms and restructuring in its development policy, organizational structure, some business models, and others."

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