Nintendo of Korea has laid off almost 80% of its entire workforce today, following a large-scale restructuring of the company. The layoffs have affected about 60 employees, leaving only 10 people employed at Nintendo of Korea.
Nintendo of Korea has been suffering from financial losses for the past four years, which forced the company’s hand in the recent decision to make these layoffs.
The company reported deficits beginning in 2011. In 2011, the company recorded an operating loss of 29 billion won. In 2012, it was reported that Nintendo of Korea had an operating loss of 25.7 billion won. 2013 saw an operating loss of 11.8 billion won, and 2014 had a 3.7 billion won deficit.
Nintendo’s Korean subsidiary was established in July 2006. The market interest for Nintendo games in Korea has been lacking due to region-locking games and consoles, some of which are not compatible with each other.
Nintendo of Korea has plenty of games on the horizon for the Korean market including Hyrule Warriors: Legends, Fire Emblem: Fates and Pokémon Sun and Moon.
Nintendo has not made any statement about the future of their plans regarding Nintendo of Korea or localization.