Following an announcement by Rivalry Corp. (TSXV: RVLY) that it would be significantly reducing its operations to explore strategic options, the company made the decision to terminate all staff currently under contract.
The exact number of employees affected by the layoffs remains unclear, with estimates ranging from 51-200 based on LinkedIn profiles to potentially 50-100 according to other sources.
A former employee was the first to disclose that “…the company decided to terminate the contracts of all employees.”
The Esports Advocate reached out to company management for comment on Friday and is awaiting a response.
Rivalry announced on Friday that it was enacting “substantial cost reductions, including a significant workforce reduction and decreased operational expenses.” The company also revealed that it had halted player activity on its platform and was facilitating player withdrawals as usual. Additionally, Rivalry stated that it was exploring options to sell its assets, hinting at a potential complete closure of its operations.
Rivalry Corp. is the owner and operator of Rivalry Limited, which provides regulated online betting on esports, traditional sports, and casino games. The company is licensed in the Isle of Man and holds an internet gaming registration in Ontario, operating an online casino games portal.