United Kingdom, April 22 -- The Embracer Group has announced plans to split into three companies.

The gaming juggernaut has been fraught with financial difficulties over the past year and it has now confirmed that it will be dividing into three companies: Middle-earth Enterprises and Friends, Asmodee Group and Coffee Stain and Friends.

In a statement released on their website, Embracer's CEO Lars Wingefors said: "This move has been made with the intention to unleash the full potential of each team and provide them with their own leadership and strategic direction.

"This is the start of a new chapter, a chapter that I intend to remain part of as an active, committed, and supportive shareholder of all three new entities, with an evergree...