04:24 PM EST, 03/07/2024 (MT Newswires) -- Enthusiast Gaming Holdings ( EGLXF ) on Thursday said it launched a C$10-million cost reduction program.

The gaming and e-sports company said the program follows on an organizational review begun at the start of 2024 and said the costs savings will come on "efficiencies in ad tech, the consolidation of offices, the insourcing of production and content resources, headcount reductions and other areas". It did not specify how many jobs will be lost.

"We remain focused on execution and building a platform of sustainable profitability. While reducing the size of our team is an extremely difficult decision for any company, we are incredibly grateful to all of our employees for the roles they have played in building Enthusiast Gaming ( EGLXF ) to where it is today," board chair and interim chief executive Adrian Montgomery said in a release.

Enthusiast shares closed unchanged at C$0.23 on the Toronto Stock Exchange.