Matt Martin
11:25 (BST)
31/03/2008
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Further cutbacks force Sega Sammy to close Korean subsidiary
Sega Sammy has announced that it is to dissolve its Sega Korea subsidiary.
The Korean outfit was responsible for distribution and sales of videogame software and the operation of amusement facilities in the region, and was established in 2003.
In February this year, Sega Sammy announced plans to lay off 400 employees as it revised full year expectations to a net loss of JPY 26 billion.
The company has said the Korean dissolution will have no impact on the company's operating results and the move is necessary to optimise its global business operations.
The group has also stopped development of an entertainment complex in Yokohama City, following purchase of land which had cost the company JPY 33 billion.
In February this year Sega Sammy dissolved its Sammy Europe operations, responsible for importing, exporting and the sale of amusement machines in the region.
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