Sega Sammy, which is the parent company behind Sega Entertainment, has announced that they will be selling off the arcade business to Genda Inc., who is an amusement rental business. Sega will be transferring 85.1% of its shares of its subsidiary to Genda while keeping the remainder. The company says that they expect to record a loss of around $191 million by the end of the fiscal year.
The company claims that the reason behind the sale is largely due to the COVID-19 pandemic which has affected its arcade and amusement business and even though there is a recovery trend, it is not really helping. So things are still too uncertain for the future of their market.
It is a sad day to learn that Sega is selling off its arcade business, but maybe Genda can bring back some of the glory. It will be nice if they can pick things up where they left off and start doing well.
Source Ubergizmo
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