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Despite the recent releases of Tomb Raider and Hitman: Absolution, Square Enix President Yoichi Wada stepped down from his position, stemming off of the company’s recent financial losses.

Wada has been president of Square Enix since December 2000 and has overseen large series projects such as Kingdom Hearts and Final Fantasy XIII.

The news of his departure as the head of the company comes in from IGN.com, who reports that Square Enix’s economical losses have jumped from the estimated ¥3.5 billion, to ¥13 billion.

The sales for games such as the Tomb Raider reboot and Sleeping Dogs still sold strong, but not strong enough to keep the company’s president from warily jumping out. It should be noted that the online distribution sales for the recent games Square Enix has released haven’t been yet accounted for. However, those sales still wouldn’t help the gaming publisher get out of the financial hole it’s dug itself into.

final fantasy 13

As to where this will leave the Japanese Role Playing Game company, it is still hard to tell. Our thoughts are that they will begin to work on smaller scale projects, to further decrease their risk of loss, and therefore their gargantuan debt.

Unfortunately, it doesn’t seem as though things are looking up for Square Enix.

The gaming company released a statment that says they, “expect to incur extraordinary loss in the settlement of the accounts for its fiscal year ending March 31, 2013.” At that, it is most likely Square Enix’s hope that games such as Lightning Returns: Final Fantasy XIII, Final Fantasy X, X-2 HD, and Kingdom Hearts 1.5 HD ReMIX will see them out of their horrific debt.

What do you think would get Square Enix out of its rut? Where do you see the company going forward from these major losses? Can a company as large and powerful as Square Enix even pick themselves back up again to rebuild their gaming empire?

Featured image source: Square Enix

  • http://twitter.com/Shaftsword Shaft Almasy

    It looks like Square Enix will soon be no more and other developers will be swooping in to buy title rights I can only hope EA doesn’t buy anything.

  • ncnapper92

    Oh good, maybe someone will buy the rights to Final Fantasy and finish making Versus and start working on Kingdom Hearts 3. I’ve had enough waiting.

  • Simon

    Uhm… Lightning Returns isn’t out yet and they’re talking about the fiscal year that’s ending this week. That doesn’t mean they’re out of the picture any time soon. The main problem for Square is that they lost focus of their target group. Maybe that’ll change with a new CEO. This year’s not looking so bad for them, Tomb Raider might still move some units and they have LR:FFXIII, FFX/X-2 HD and KH 1.5 HD this year, all cheap to make and profitable for them. Especially the Remakes. Everything for the home consoles they had last year were Eidos products, nothing from Japan. And maybe they’ll finally announce a release date for Versus at E3, didn’t they ask us to be excited? XD
    Don’t get me wrong, I’m no fan of what they’re doing (last really good game IMO was KH II, they really have to streamline their production) but it’s just annoying to read “news” written by people who don’t get their facts straight…

  • cami

    um how bout a new final fantasy?

  • http://twitter.com/KCW423 Kin Wong

    They should had remake ff7 on ps3 few years ago

  • DirtyTruth

    FF7 would give them the much needed financial boost there looking 4, but for some reason square management is 2 thick to clock that anyone who has played ff since its birth would jump at ff7 Reamake and i would even go as far to say 8 & 9 revamped would get the same response.

  • Glaciusx

    You idiots…all you have to do is get started on Kingdom Hearts 3!

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