Danish esports organization Copenhagen Flames has announced that it has filed for bankruptcy and laid off all personnel.
In a statement posted on Copenhagen Flames’ website, CEO Steffen Thomsen explains that the decision was made after it failed to find funding to sustain operations for the club.
“For the past six months we have worked tirelessly to avoid this outcome but unfortunately we have failed,” Thomsen said. “And for that I am deeply sorry. In the end it is my responsibility and I feel like absolute shit that it has come to this.”
Only two weeks ago, Copenhagen Flames had announced that they were seeking an investment of 5 million DKK ($740,000 USD) to balance their books and launch a series of initiatives to ensure their profitability for 2024 and beyond.
More to follow…
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