100 Thieves, a prominent esports brand, is undergoing significant changes. The company, founded in 2017 by Call of Duty star Matt "Nadeshot" Haag and co-owned by celebrities like Drake and Scooter Braun, is restructuring its operations. In a recent announcement by 100 Thieves president and COO John Robinson, the company is laying off approximately 20% of its workforce, primarily affecting its Juvee energy drink and internal game development studio.
Over the years, 100 Thieves had diversified beyond its core esports and apparel focus, expanding into hardware sales, game development with Project X, and launching Juvee. However, these expansions have strained the organization, prompting the need for these changes. Robinson acknowledged that the economic landscape has shifted in the past two years, and the company's growth couldn't keep up with its expanding organization.
As part of the restructuring, 100 Thieves will refocus on its core areas, including esports teams, apparel, and online content. Juvee will be spun out over the next three months, while the game development studio will be spun out immediately. This marks the third round of layoffs for the company in less than two years.
The esports industry, as a whole, has faced challenges and changes, with other organizations like Faze Clan and TSM also experiencing significant shifts in their operations. These developments highlight the ever-evolving nature of the esports landscape.
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