Esports organizer BTS shuts down and lays off employees after 11 years of running tournaments
According to the company’s co-founder, David ‘LD’ Gorman, Beyond The Summit (BTS), a company that organized esports competitions, has shut down its operations and fired all its employees. Beyond the Summit, a tournament organizer for Super Smash Bros. and Dota 2 titles, has announced that it will stop running tournaments effective immediately. This marks the end of an era.
LD, one of the co-founders of BTS, announced that the company would be shutting its doors and laying off its personnel in a message shared on Twitter. According to the co-founder of BTS, the company will keep its full-time employees on its payroll for two weeks, everyone will be offered two weeks’ worth of severance, and the company will continue to pay for healthcare coverage for its personnel headquartered in the United States through April.
After 11 years, BTS has decided to cease all tournament operations
“Based on our present financial prognosis and how hard the next year looks, we’ve concluded that it would be irresponsible to keep BTS operating in its current form,” LD stated in the statement. “We’ve determined that keeping Beyond The Summit going in its current structure would be irresponsible.” Hence, after almost 11 years of being in business, we came to the exceedingly tough conclusion that we needed to let all of our employees go.
In addition, BTS will fulfill its present duties for the events it is currently scheduled to arrange, such as the sixth Smash Ultimate Conference. In the statement, LD also mentioned that the firm is “exploring various avenues forward, particularly ones that allow us to do right by our workers.”
According to the statement, BTS would instead take these actions now rather than continue running the firm into the ground and risk being unable to pay any of their personnel. We don’t want to abandon our folks in the lurch like that. ” LD explained, “We don’t want to leave them uncertain, continually wondering and worried about when the money will run out.”
Finally, BTS was one of the few tournament organizers in the esports industry that was not supported by venture capital funding. Throughout its 11-year career, BTS maintained its status as an independent organization. In light of the current precarious state of the economy, this business joins the growing number of esports organizations that either lay off employees or terminate their activities entirely.