The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Arts / Entertainment Arts, Entertainment And Culture Gambling And Betting Activities 92 - Gambling And Betting Activities
168 jobs Number of planned job losses
Announcement Date
2 September 2024
Employment effect (start)
2 September 2024
Foreseen end date
Description
A primarily online based casino company, Studioworks, has decided to close down and lay off all of its 168 employees which will mark the biggest redundancy in Estonia this year.
The main reason for the closure was the growing labour costs which were 4.7 million euros in 2023. The company has stated that it is trying to help its previous employees to smoothly transition to new jobs.
Studioworks was active for 6 years and ended the previous year with almost half a million euro in profit but according to their own reports, already sensed the growing competition on the market.
Eurofound (2024), Studioworks, Closure in Estonia, factsheet number 201540, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201540.
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