French board game distributor and publisher Atalia has entered compulsory liquidation, saying an increasingly saturated market, the limited capacity of retailers and the loss of distribution rights to bestselling titles left the business unable to remain viable.

A statement posted to Atalia’s Facebook page said the rapid expansion of the tabletop market since the company was founded in 2015 had created a tougher commercial environment for smaller distributors, despite the industry’s continued growth.

Atalia said that despite soaring numbers of players in that time, “so many new games are being released today that the market has become saturated. Shops no longer have the space, the time or the cash flow to stock all the games arriving each week”.

It added, “They therefore naturally turn to distributors with the biggest marketing budgets, some of whom invest sums each year that exceed Atalia’s annual turnover.

“This year, Atalia has lost the distribution rights for its latest bestsellers, as their publisher has chosen to entrust them to a distributor offering greater financial and marketing resources.

“We naturally respect these decisions, but we cannot hide our regret. Without these bestsellers, it has become increasingly difficult to finance new releases and ensure the company’s long-term viability.

French board game distribution is dominated by industry heavyweights Asmodee and Hachette, the latter via its Gigamic and Blackrock subsidiaries.

Atalia was founded in 2015 as a French board game distributor, before expanding into localisation and then publishing in 2021. It distributed games to hundreds of specialist retailers across France and neighbouring francophone territories.

The company says on its website that it deliberately maintained a relatively small catalogue, so individual games entrusted to it would not be “lost amongst an overwhelming number of titles”.

Earlier this year Atalia revealed it was halting its own distribution operations to focus on publishing and localisation, with its distribution being handled by MAD from May.

Atalia’s previously published releases include French localisations of games including Underwater Cities and Lorenzo il Magnifico, while recent titles published by the company include The Royal Society of Archeology and Hands Off!.

The company had also faced financial difficulties in 2019, despite a prior year in which it had generated revenues of more than €1.8m and continued profitability.

Atalia’s decision to double its headcount to six amid that success backfired when the publisher of Limite Limite, a French adaptation of Cards Against Humanity which accounted for about half Atalia’s revenue, switched to a new distributor in 2019 with no prior warning.

The company placed itself into receivership the same year, but emerged intact from that process in early 2020, citing strong sales of its bestsellers including Punto and Dreamscape, and receiving court-ordered compensation from the publisher of Limite Limite for the abrupt termination of its distribution deal.

The company’s liquidation announcement today came a month after Atalia founder and managing director Cesare Mainardi revealed it was “facing an extremely difficult period”, and cancelled its planned attendance at the Paris est Ludique festival, citing financial difficulties and organisational constraints.

Atalia officially entered compulsory liquidation on July 8 via Nanterre Commercial Court.

The company’s assets, including stock, brand and customer database, will now be offered for sale by the liquidator. Mainardi said interested parties should contact him via private message on Facebook.

He said in the Facebook post, “Today, we turn the page with our heads held high, feeling immense pride in everything we have built together.

“The people we’ve met, the games we’ve played and the memories created during this adventure will remain with us forever.”

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Board game giant Asmodee’s strategic push into crowdfunding has passed its first major test, with its debut campaign in the Zombicide universe raising more than $4.1m on Gamefound.

The total for pirate-themed Dead Men Tales cements the campaign as the biggest main line Zombicide crowdfund in almost a decade, with Zombicide: Green Horde having picked up just over $5m in 2017 – although the biggest crowdfunding success in the range remains licensed spin-off Marvel Zombies at just over $9m.

Asmodee’s acquisition of Zombicide from financially troubled CMON last June set the stage for the company’s drive into crowdfunding – an area it had previously barely touched through any of its myriad studios.

The buyout came a month after Asmodee had hired ex-CMON COO David Preti – the architect of the latter company’s growth into one of board gaming’s biggest crowdfunding-focused publishers – to head up its own newly-launched crowdfunding and miniatures strategy.

Asmodee doubled down on its crowdfunding-focused acquisitions in October last year by picking up the Cthulhu: Death May Die IP and games from CMON – a series which has raised almost $10m from backers to date.

Asmodee had not publicly discussed details of its crowdfunding strategy ahead of completing the Dead Men Tales campaign, but said in a press release celebrating that success that crowdfunding “gives publishers clearer demand visibility, a direct line to engaged communities, and a healthier financial setup – with production sized to actual demand rather than to forecasts”.

That statement is notable given Asmodee studio Fantasy Flight Games’ decision last month to discontinue the latest iteration of veteran dungeon crawler Descent, citing rising manufacturing costs, “global economic shifts” and the expense of developing the game’s companion app.

It is thought FFG may resurrect Descent through a crowdfunding strategy in the future, although it is yet to confirm or deny this, saying in April, “While we don’t have anything to share at this time, there is always a possibility that we will revisit Descent in the future. It would take a different form and would not be Legends of the Dark, but this game universe is near and dear to FFG’s heart.”

Asmodee CEO Thomas Koegler said of the Dead Men Tales crowdfund, “This first campaign means a lot to me, and I think it sends a clear signal.

“Zombicide is a beloved franchise that joined the group less than a year ago, and Dead Men Tales is already proving the model works: the original Guillotine Games team back at the helm, Fantasy Flight Games executing the campaign with remarkable skill, and a community of more than 11,000 backers who chose to trust us early.

“That trust is something we take seriously. There’s still careful work ahead on delivery, a crowdfunding campaign is only as good as what arrives at your door, but I have full confidence in our teams to see it through.”

The campaign also helped underscore Gamefound’s rise as a crowdfunding peer to Kickstarter – and reinforced the trend for large, miniatures-heavy releases choosing the platform for their projects.

Dead Men Tales was the latest Gamefound campaign to make use of the platform’s Endgame feature, which is designed to extend the final moments of campaigns that are still actively receiving pledges even as the original countdown ends.

The Dead Men Tales campaign had collected more than $3m by the end of the official crowdfunding period, but Endgame extended the raise by more than five extra days and about $1m due to new pledges consistently being made.

Prior to Dead Men Tales, the only previous crowdfunding campaign from an Asmodee-owned company was Lookout Games’ Kickstarter for the Grand Austria Hotel: Let’s Waltz! Expansion & Deluxe Upgrade, which raised about €383,000 during the coronavirus pandemic in 2020.

Asmodee’s only other direct exposure to crowdfunding is thought to be via the company Exploding Kittens, in which it made a strategic investment short of a buyout in 2021. That business has since raised more than $977,000 in a Kickstarter campaign for Hand to Hand Wombat.

More tenuously, YouTube reviewer The Professor raised about $4m for his Academic 133+ XL deckbox in 2022, which was designed ‘in collaboration’ with Asmodee’s game supplies and accessories unit Gamegenic.

Gamegenic also previously provided accessories in partnership with the Altered TCG during its record-breaking crowdfund three years ago.

Last month BoardGameWire reported that Asmodee’s net sales had surged 23% year-on-year to more than €1.68bn, driven by the company’s escalating power as a global TCG distribution giant.

Asmodee’s own board game publishing operation, meanwhile, saw its net sales fall 5.8% in the last financial year – while net sales for the first quarter of this year were down 9.8% compared to the same period in 2025.

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Asmodee’s escalating power as a global TCG distribution giant was evident again in its newly-released annual results, which showed the company’s net sales surging 23% year-on-year to more than €1.68bn.

That annual revenue has swelled around 50% in just three years on the back of huge recent growth in TCGs, including heavyweights Magic: The Gathering and Pokemon as well as a wave of strong performing newcomers such as Disney Lorcana, the One Piece Card Game and Asmodee’s own Star Wars: Unlimited.

Despite Asmodee’s long-time image as a board game publishing heavyweight, more than 72% of its revenue now comes via its distribution of other companies’ games – up from an already hefty 63% in the previous financial year to March 31, 2025.

TCGs now make up the lion’s share of Asmodee’s annual net sales – about 60% in the 2025/26 financial year, up from just over 50% across the preceding 12 month period.

The company’s own board game publishing operation, meanwhile, saw its net sales fall 5.8% in the last financial year – while net sales for the first quarter of this year were down 9.8% compared to the same period in 2025.

Asmodee CEO Thomas Koegler was asked directly during a Q&A session on Asmodee’s latest financial results if the company was still primarily a board game publisher, or whether it was “increasingly becoming an infrastructure company for TCGs”.

He said in response, “We have insisted a lot on the fact that one of the strengths of Asmodee is to be a publisher, but the first strength that we do have is our global reach across all categories, from TCGs and board games.

“That’s the superpower of Asmodee – and then being a very strong publisher is a way of accelerating performance.

“So I would say that there is no change, we continue to capture opportunities across the board wherever they come from… our aim is to be a dominant player, bringing all games to the market, anywhere they can.”

That assertion has been borne out by Asmodee’s recently reignited acquisitions drive, which has seen it pay a hefty €250m for French social and party game publisher ATM Gaming, as well as buying Japon Brand from CMON and individual IPs including Zombicide, Cthulhu: Death May Die and Sheriff of Nottingham.

The Japon Brand buyout was accompanied by Asmodee launching a new Japan-based design studio, Nekuma, anchoring its push into what it described as a “currently untapped market” for the company.

There were also hints in the Q&A session that Asmodee might be considering a move into Japanese distribution, adding to its existing operations in the region across China, Taiwan and Australia.

Koegler said of Japan, “The first move we have done with Japon Brand and setting up Nekuma is more of a sourcing move, right?

“The Japanese game designers and authors’ market is very dynamic. If you look for instance in recent very successful games – Bomb Busters, which is the Spiel des Jahres from 2025, was originated from Japan, a game like Dnup that we are releasing later in the year is coming from Japan.

“So they are very good also at small card games, and we really wanted to, I would say, bolster our publishing capabilities by creating those sourcing activities.

“Distribution wise, for now we are still working with local partners, we have not set direct foot yet.

He added, “It’s a fragmented market, its a very strong TCG market on the local market side, but yes… as I said, it’s a very vivid scene.”

Koegler also made clear that the company is still pursuing M&A opportunities on the publishing side “across all play types that we have, from social games to lifestyle games and tabletop games”.

He said, “I would say that the discussions we have are still as active as they were – we have demonstrated our ability to do various sizes of deals, which is also a very strong signal to potential people that would like to join the Asmodee adventure.”

Koegler said in his introduction to Asmodee’s 2025/26 report that the impact of geopolitical and economic events on the company’s business in the first few months of the year had been limited, but that the firm remained “mindful” of the potential pressures on transport and energy costs.

He said in the financial results Q&A session, “From a consumer standpoint, in moments of tensions when there are rising costs, because games are an affordable leisure we tend to suffer less, if not take some opportunities. That’s what we’ve seen in previous crises over the past 10 or 15 years.

“Consumer sentiment-wise, we will see. Although we are always cautious, there is also I think opportunities for us.

“Secondly, in terms of the cost impact. First of all our mix is currently very favourable because trading card games are manufactured very close to where they are sold, like in Europe for European countries mainly – some are manufactured in Asia but its a limited one – in the US for the US, etc.

“Plus they are cheap to transport, so the impact on those is relatively limited. And then we will see with our partners in terms of raw material increases, but again in the overall cost of goods they do not represent a very significant party.

“For board games we have started to see some increase in transportation costs. They did not impact Q4. If we take an example, road freight did represent roughly 20% of the cost base, and they have increased by 10%.

“But again, all of this is quite manageable for us. We expect to be able to mitigate the impact.”

Koegler added that although the process for receiving tariff refunds in the US had begun, after the Supreme Court struck Donald Trump’s swathe of import fees earlier this month, there was uncertainty about both the timing and final amount Asmodee was owed.

He said, “This is still a little bit foggy, blurred – for us, but [also] for many, many other companies out there. So let’s wait for what’s next on this topic.”

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