Publisher and developer Starbreeze has been been known for producing good games like Payday and it’s sequel, Payday 2. Unfortunately, the studio also developed and published the recent dud Overkill’s The Walking Dead.
The Swedish developer filed for reconstruction including five subsidiaries due to a shortage of liquid assets and the CEO, Bo Andersson will resign from his position and Board of Directors. Kristofer Arwin resigned from the board as well, effective immediately.
The news comes after the release of Overkill’s The Walking Dead failed to meet expectations, leading to a price cut.
“In this phase, Starbreeze needs a different kind of leadership and we have therefore decided to ask Mikael Nermark to take on the full responsibility with our full mandate for this new phase,” said Starbreeze chairman Michael Hjorth in a statement.
“The decision is based on a shortage of liquidity and deemed to be a necessary step to give the Company the time needed to negotiate a long-term financial solution and implement changes in the organization and operations,” Starbreeze said, adding that its financial targets for Q4 2018 and 2020 are no longer relevant.