QUICK LINKS: Vending Videos  | Micromarkets  |

VT Classifieds

|

Buy a Classified Ad

|

Editorial Calendars

|

Circulation Data

|

Downloads

|

Bookstore

|

Operators Date Book

Search:    

Bookmark this site




Issue Date: Vol. 51, No. 3, March 2011, Posted On: 3/5/2011


Namco Restructures, Cuts Staff 10% On Weak Fiscal Results


Marcus Webb
Namco Bandai fiscal, Namco Bandai, Namco, Namco Bandai earnings, video game, arcade video game, coin-op video game, coin machine, Pac-Man

TOKYO -- Namco Bandai, looking at a $343 million net loss for the fiscal year ending March 31, said it would reduce its workforce by 630 jobs.

Revenue for the nine-month earnings period ended Dec. 31, 2010, dropped to $3.13 billion, or 10.4%, compared with the same period a year ago. Officials termed the projected loss "extraordinary." | SEE FINANCIAL REPORT

Namco officials said they would implement a "Restart Plan" that consists of streamlining operations in several divisions, including its Japanese arcade chain. Ten of the lowest-earning arcade venues are expected to close within the next 12 months.

The plan also includes breaking up game design and other functions into smaller, independent groups under the company umbrella, and launching new products aimed at preteens.

Additionally, Namco Bandai's parent company, Namco Bandai Holdings, announced it will cancel up to 12% of its own shares. Executives said Namco will buy back about 66% of them, or $244 million worth, from shareholders. They will then be retired, along with 10 million shares already owned by the company.


Topic: Music and Games Features

Articles:
  • Game Exchange Of Colorado Becomes Official MEI-CPI Service Center
  • Live Oak Bank Arranges Funding For GameTime's Flagship Entertainment Center
  • Golden Tee Prize Play Payout Passes $50 Million Mark
  • Shaffer Distributing Kicks Off TouchTunes Service Schools
  • NDA Implements Prepaid Electronic Dart Tournament Fees To Meet Player Demand

Copyright © 2014 Vending Times Inc. All rights reserved. 
P: (516) 442-1850 | F: (516) 442-1849 | subscriptions@vendingtimes.net
55 Maple Ave. - Ste. 304, Rockville Centre, NY 11570