Orniletter
Banned
New Jersey-based publisher Majesco is in serious trouble. That comes from multiple SEC filings that have been published in the last week, and word from industry sources both inside and outside the company.
Majesco filed a report with the Securities and Exchange Commission, dated November 6, which refers to layoffs at the company. It states in part that "the reduction includes development and game-testing, selling and marketing, and support personnel. We are currently not developing any significant new games for release in fiscal 2015."
The filing concludes: "we have suffered losses that raise substantial doubt about our ability to continue as a going concern. Accordingly, we are evaluating various alternatives, including reducing operating expenses and personnel costs, securing additional financing for future business activities, and other strategic alternatives including a sale or merger of our company."
Another filing, which appeared yesterday, reveals that the company has sold off its full stake in social casino studio GMS, which it established last year.
We're also hearing rumblings of trouble with Midnight City, its indie publishing label. GMS and Midnight City were Majesco's two main units in the wake of the collapse of its console game business, which largely relied on the Zumba fitness brand. Majesco discontinued its relationship with Zumba in January 2014.
Midnight City recently published Double Fine's Costume Quest 2, and has plans to bring Fullbright's Gone Home to Wii U.
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