The Swedish gambling operator aims to generate cost savings of around £40m.
Sweden.- Kindred Group has announced that it will leave all North American markets as part of its ongoing strategic review. It expects to complete the exit by the end of Q2 2024, subject to regulatory approval.
The move forms part of a series of measures aimed at reducing costs by around £40m. Kindred has had a presence in North America since 2018, with Unibet US operating in Arizona, Indiana, New Jersey, Pennsylvania and Virginia. It is also active in Canada. The group says that financial and technological resources will be reallocated to core markets in Europe. It also has operations in Australia and Asia.
Interim CEO Nils Andén, who replaced Henrik Tjärnström in May, said: “The cost reduction actions announced today are both necessary and decisive. While it is never a desire to inform valued colleagues of redundancies, this puts us in a stronger position to secure long-term growth for Kindred across our locally regulated core markets.”
He added: “We can now focus our resources and tech capacity towards strategic initiatives and selected markets where we see clear potential to grow our market share.”
The company plans to lay off around 300 employees and consultants next year. It began a strategic review in April 2023, noting that the sale of the company was an option.