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”.
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.
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.”
The parent company behind European tabletop retail major Wayland Games has expanded again with the acquisition of US-based miniatures storage manufacturer Battle Foam.
The company said Battle Foam would continue to operate under its existing brand, with founder Romeo Filip and the company’s core team remaining in place, while gaining access to Wyld Holdings’ logistics, distribution and operational infrastructure.
Battle Foam makes foam-based storage for miniatures wargaming, as well as deck boxes and foam storage solutions for items such as golf club heads, camera lenses and firearms.
The acquisition marks the latest step in Wyld Holdings’ strategy of building an integrated tabletop business spanning publishing, manufacturing, distribution and retail.
Its Battle Foam buyout comes six months after Wyld acquired Essen, Germany-based Kraken Wargames, which specialises in gaming mats and the Black Racks hobby organisation system.
Wyld Holdings CEO Richard Lawford said, “Our strategy at Wyld Holdings is not about absorbing brands and altering what makes them successful; it’s about empowering them to play at a larger scale.
“The team at Battle Foam has built a phenomenal product line and a highly dedicated community.
“By pairing their creative DNA with our operational strength and distribution muscle, we can accelerate their growth and introduce their products to a wider global audience.”
Battle Foam founder Romeo Filip added, “Joining the Wyld Holdings family represents a massive milestone for us. It allows the team to focus entirely on what they do best – creating exceptional products for our community while leveraging Wyld’s world-class retail and distribution channels to scale thoughtfully without losing our roots.
“I’m excited to seeing our excellent products reach even more customers.”
Award-winning board game store owner Matthew Mičetić says independent tabletop retailers can no longer rely on product sales alone, as rising costs, tariff uncertainty and changing consumer behaviour continue to reshape the hobby retail landscape.
Mičetić was named Oregon Small Business Person of the Year last week by the US Small Business Administration, celebrating the 16-year growth of Portland-based Red Castle Games from a small neighbourhood game store into a vibrant space offering organised play, youth camps, community events and an on-site cafe.
He told BoardGameWire the complexity of running a game store had increased dramatically since the store opened in 2010 – but added that widening the venue’s scope had been a key ingredient in Red Castle’s success.
Mičetić said, “Competing solely on product selection and price has become increasingly difficult in a world where customers can order almost anything online and have it delivered to their door.
“What independent game stores can offer that online retailers cannot is community. We can provide places for people to learn, play, compete, socialize, and build friendships. The retail sales often follow from those relationships.”
He continued, “We aren’t just retailers anymore. We’re event organizers, community managers, educators, food service operators, e-commerce businesses, and increasingly technology companies as well.
“The encouraging part is that the core mission hasn’t changed. People still want places to gather, play games, make friends, and feel like they belong.
“The stores that continue to succeed are the ones that adapt to the changing business environment while never losing sight of the community they’re there to serve.”
Mičetić’s drive has seen that community expand from traditional hobby gamers and TCG players to include young people, families and more casual gamers keen to dip their toes into the hobby – something he believes is one of the biggest opportunities for game stores today.
He said, “Some of our most successful recent initiatives have been our youth programs, including Dungeons & Dragons, Magic: The Gathering, and Pokémon camps and after-school programs.
“Parents are looking for opportunities that help kids build friendships, creativity, problem-solving skills, social-emotional skills, and confidence. Tabletop games are uniquely positioned to provide that.
“We’ve also had success reaching beyond the traditional hobby audience. There are a lot of people who can benefit from what tabletop gaming offers who may never have considered walking into a game store.
“That means being willing to experiment, try new things, and sometimes fail. Not every idea works, and that’s okay. The important thing is to learn from it, make adjustments, and keep moving forward.
“I’ve always believed in looking for 1% improvements. Small improvements compound over time. If you can make your store, your programs, your customer experience, and your operations just a little bit better every day, those gains add up to something significant over the course of years.”
He added, “While retail is still the foundation of the business, these complementary activities have become increasingly important both financially and strategically. They reinforce one another.
“Someone might discover us through a D&D camp, become a regular event participant, buy games and accessories, meet friends through the community, and eventually become a long-term customer.
“The café, events, camps, and retail operation all work together to create a stronger overall ecosystem. For independent game stores, I think that’s one of the biggest lessons of the last decade. The future isn’t just about selling products, it’s about creating reasons for people to keep coming back.”
Organised play remains a “core pillar” of the store’s financial prosperity, Mičetić told BoardGameWire, while Magic remains its strongest offering and continues to be a cornerstone of organised play.
Mičetić receiving his Oregon Small Business Person of the Year award
He added, “One Piece has been one of the biggest success stories of the last several years, drawing strong participation. Star Wars Unlimited has also developed a passionate local community and has exceeded our expectations.
“Beyond TCGs, Dungeons & Dragons continues to be a major driver of participation through campaigns, youth programs, and camps. Board game events, painting nights, and miniature gaming also contribute meaningfully to overall attendance, even if they don’t always attract the same numbers as the largest TCG communities.
“What excites me most isn’t any individual game. It’s the diversity of the community. I believe the healthiest stores aren’t dependent on a single title. They’re places where someone can come in for Pokémon, discover D&D, try a board game, join a painting event, and ultimately find multiple ways to engage with the hobby.”
Speaking about current growth areas on the retail side – and areas which could be in decline – Mičetić told BoardGameWire TCGs continue to be the strongest growth category in the hobby, while oversaturation in higher-price point board games was beginning to show strain.
He said, “Magic remains a powerhouse, Pokémon continues to bring in new players, and we’ve seen strong engagement from newer games [such as One Piece and Warlord] as well.
“That said, I do worry that we’re in a boom cycle. I don’t know when it will happen, but historically every collectible market experiences corrections and I think it’s wise for retailers to plan accordingly.
“In board games, I think we’re seeing softness at the higher end of the market. For years, the industry benefited from an explosion of new releases and crowdfunding projects, but I also think the market became oversaturated.
“Self-publishing and crowdfunding lowered barriers to entry, which brought some fantastic games to market, but also a tremendous number of mediocre ones. Consumers have more choices than ever and less time to play them.
“Where I’ve seen the most consistent strength is in smaller board and card games, particularly titles under about $25. At that price point, they’re an easy impulse purchase and a lower-risk way for customers to try something new.
“RPGs are interesting. Product sales have slowed somewhat for us, but organized play and events remain strong. People still want to gather around a table and tell stories together, even if they’re buying fewer books than they once did.
“Miniatures remain a challenging category outside of Games Workshop. Many lines have passionate fan bases, but Games Workshop continues to outperform expectations and demonstrates the power of consistent support, organized play, and strong intellectual property.
“As for crowdfunding, we’ve largely stepped away from it as a retailer. There are certainly successful projects, but we’ve experienced too many delays, failures, and fulfillment issues over the years.
“Tying up cash and shelf space for products that may arrive years late, or not at all, has become increasingly difficult to justify.”
Mičetić said that on the distribution side, relationships had become both more important and more complicated since 2020, with the pandemic having exposed just how dependent the industry is on supply chains and allocation systems.
Mičetić said distribution relationships had become more complicated since the pandemic – and more important
He said, “In many categories, especially TCGs, we spent years dealing with product shortages, allocations, delayed releases, and uncertain restocks. More recently, while still dealing with those allocation issues, we’ve added questions around tariffs, pricing, inventory levels, and market demand.
“The underlying challenge remains the same, uncertainty. At the same time, retailers are being asked to make increasingly complex purchasing decisions with limited capital and shelf space.
“When talking with distributors today, my primary focus is predictability and partnership. I don’t expect every product to be available in unlimited quantities, but I do want transparency around allocations, release schedules, and restock expectations.
“The better information we have, the better decisions we can make. I also spend a lot of time discussing breadth versus depth. Every distributor wants retailers to carry more products, but shelf space, cash flow, and staff attention are finite resources.
“We’re increasingly focused on products that have strong community support, organized play opportunities, or demonstrated demand rather than simply chasing every new release.”
Mičetić’s award recognition follows a turbulent series of challenges in recent years, ranging from navigating the Covid-19 pandemic to enduring ten break-ins over a twenty-month period – a spate of crimes which resulted in more than $250,000 in losses and property damage.
He told BoardGameWire that while the experience was “frustrating and demoralizing”, he was “not willing to let a handful of criminals determine [Red Castle’s] future” – adding that the show of support from customers following the break-ins had helped reinforce why the store exists in the first place.
Mičetić said, “The primary targets were trading card games, particularly sealed Pokémon and Magic products, along with Games Workshop product. Unfortunately, those products are small, portable, and have a well-established secondary market, which makes them attractive targets for theft.
“The financial losses were significant but the larger challenge was the operational and emotional toll. Every break-in meant dealing with police reports, emergency repairs, damaged property, disrupted operations, and the uncertainty of whether it would happen again.
“There were periods when it felt like we were spending almost as much time thinking about security as we were thinking about growing the business.”
He advised other hobby retailers to “invest in security before you need it”, adding that the experience had changed his own understanding of risk.
Mičetić said, “Small businesses often operate on relatively thin margins and repeated criminal activity can have an outsized impact.
“It’s a reminder that when people talk about crime affecting businesses, they’re not just talking about stolen merchandise, they’re talking about the time, money, stress, and opportunity cost that comes with recovering from it over and over again.”
Speaking of his SBA award win, which recognises business owners who demonstrate outstanding business growth, innovation, resilience, and contributions to their communities, Mičetić said, “This recognition is incredibly meaningful because it reflects the community that built Red Castle Games.
“Every customer, staff member, volunteer, and supporter has played a role in our success. This award belongs to all of them.”
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’s Jan-Mar 2026 and last financial year revenue figures, showing a hefty jump in the portion of its net sales coming from distributing other companies’ games
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.”
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.
Asmodee CEO Thomas Koegler
“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.
Asmodee said the impact on the business of transport and energy cost changes due to global political and economic issues had so far been limited
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.”
Alliance Open House, the tabletop publisher and retailer networking event launched more than 25 years ago by Alliance Game Distributors, has rebranded to Universal Summit US in the wake of Alliance’s takeover by Canada’s Universal Distribution.
Universal said it is waiving all registration fees to celebrate the inaugural US Universal Summit, which will continue its predecessor’s slate of game demos, panels and workshops, vendor exhibit hall and networking opportunities.
This year’s event will be held at the Grand Wayne Convention Center in Fort Wayne, Indiana between August 27 and 29, with registration required by May 15.
Universal Distribution CEO Angelo Exarhakos told ICv2 last July that the company intended to invest “a fair bit” in expanding the event and “making it more welcoming to both retailers, and especially the vendors”.
He added, “We generally, at the Universal level, don’t charge vendors to attend these shows. We think this is a very good marketing expense for us and a good investment, to be able to bring our vendors close to our retail partners, so you’re going to see us invest and expand that show.”
Alliance Game Distributors was a perennial heavyweight of US board game distribution since it was created through the merger of Chessex and The Armory in 1998, with both companies already major players in the sector before the deal was signed.
The company had maintained its strong position since being bought by Diamond in 2000, despite the woes of its parent business in recent years.
Universal will also be holding its regular Canadian summit on September 13 and 14 this year, at the Sheraton Laval in Montreal, Quebec. Registration for that event is also due by May 15.
Lucky Duck Games, the board game publisher behind European localisations of major hits such as Dune Imperium and Cascadia, is scaling back that side of its operations to prioritise development of its own designs.
Scott Morris, the company’s global brand director, told BoardGameWire that while localisation had been an important part of the business over the years it was “resource intensive” and dependent on external factors – adding that developing in-house titles provided “more opportunity for long-term value”.
Lucky Duck has become a varied operator in the modern hobby games industry since it was founded in 2016, growing from a small design studio running Kickstarter campaigns into a global publisher, localiser and distributor with offices across Poland, the US, France, Italy and the UK.
That localisation activity has been centred most heavily around Lucky Duck’s home of Poland and early expansion country France, with the company becoming known for local language version of strategy titles and big-selling games such as Too Many Bones, Flamecraft and The Isle of Cats.
But Lucky Duck has a big hitter of its own in the Chronicles of Crime series of games, which have sold more than one million copies worldwide, and Morris told BoardGameWire the company was also “very confident” in its other recent releases Borealis: Arctic Expeditions, Purrramid and Oakspire.
He said, “We also have several games in development we have not announced yet, but we are very excited about. The team knows how to make fun and engaging games, which, at the end of the day, focus on our goal: bringing smiles to gamers everywhere.”
The French edition of Too Many Bones from Chip Theory Games, localised by Lucky Duck Games
Lucky Duck was bought by Rummikub manufacturer Goliath two years ago – and Morris said the global distribution opportunity offered by such a high-profile mass market player was part of the reason behind the strategy shift.
He said, “Since the acquisition, there has been a focus on leveraging Goliath’s global distribution network and operational scale. This includes expanding access to new retail channels and improving production and logistics capabilities.
“These changes are ongoing, but they are already opening new opportunities for our titles to reach wider audiences. We have seen significant growth in these new channels and are excited to continue to introduce our games to new retailers and customers.”
He said, “I can understand how the announcement was received that way and we will work to make our announcements clearer in the future.
“We have decided to not localize some items we originally planned to, and we’re working with those partners to find the best solutions for everyone, in those situations. The decision is part of a broader strategic evolution, rather, and is not a France-specific decision.
“We are refining how we approach the different markets, with a greater emphasis on publishing and developing our own titles globally, while continuing to work with partners where the right opportunities exist.”
Some of those planned localisations which will now not go ahead include the French localisation of Cascadia Alpine Lakes, published by Flatout Games, which was only announced by Lucky Duck a few weeks ago.
Cascadia: Alpine lakes || Kickstarter image
Morris said the strategic shift did not affect the company’s Global Publishing Network operation, which is a separate business unit that acts as a localisation agency, connecting publishers and distribution buyers who localize in their regions.
It might appear that developing and publishing home-grown designs is a much riskier proposition than localising already popular titles which gamers are keen to get hold of in their language – but Morris said both approaches carry different types of risk.
He told BoardGameWire, “With the support of Goliath’s global infrastructure, we are in a stronger position to manage risks effectively. While localization benefits from existing demand, original publishing allows us to build long-term value, strengthen our own brand identity, and deeper our engagement with the players.
“We have a very talented design and development team in Poland, led by Michal Szewczyk, that has produced award winning games.
He added, “By prioritizing internally developed titles, we have greater control over product development, timelines, and long-term brand building.”
Goliath CEO Jochanan Golad said at the time of the Lucky Duck takeover that it saw two major growth areas in games: adult party games and strategy games – but some publishers have begun to move away from larger box, complex titles and towards lighter, smaller games recently amid the fallout from last year’s US tariffs chaos.
Morris confirmed to BoardGameWire that strategy games “remain a key area of growth”, saying, “Our strategy reflects confidence in that segment, alongside opportunities in other categories.
“The Lucky Duck brand is focused primarily on strategy games… we’re both very happy with our recent releases, the reception they have seen, and our upcoming titles to announce soon!”
He added, “Tariffs have added significant pressure across the entire industry, affecting production costs and pricing strategies. It has been extremely hard to see our industry hit so negatively, and see so many people’s livelihoods, and in some cases, life’s work, stretched to, and beyond their breaking points.
“Like many publishers, we’ve had to adapt by optimizing supply chains and planning more carefully around manufacturing and distribution decisions.
“I strongly believe that our acquisition by Goliath could not have been timed better with regards to the tariff situation. Their global supply chain and logistics management helped us navigate the waters better than we could have prior to the acquisition.”
Chronicles of Crime: Beyond Doubt || Kickstarter image
Lucky Duck continues to run Kickstarter campaigns for its own designs – most recently with Oakspire, which has raised just over €133,000 with about seven days of the campaign left to run, and Chronicles of Crime: Beyond Doubt, which pulled in about €373,500 last November.
The company has hit choppy water with some of its unfulfilled Kickstarter campaigns, however, with heavy delays for €1m-raising The Dark Quarter – which was initially expected to deliver to backers in October 2023 – and Into the Godsgrave, which was slated for fulfillment in December 2024.
Morris said of Into The Godsgrave, “As with many large-scale projects, with unique designs, timelines can shift due to the complexity of production, logistics, and ensuring the final product meets expectations.
“The team has prioritized quality and delivery experience, which has contributed to the revised timeline. Our team, specifically Ben Poole our community manager, has worked hard to keep everyone updated through our project updates as to the status and milestones.
“We’re excited to get that game into players hands and on their tables. It’s a very fun and unique experience that I believe will impress.”
Regarding The Dark Quarter, he added, “Similar factors applied here, particularly around production and app development, plus global logistics challenges. Goliath’s strengths here will help us mitigate those risks in the future.
“We’ve worked hard to ensure the final product met the standard expected by backers, even if that required additional time and we have seen many positive responses as fulfillment progressed.
“I’m paraphrasing a famous quote, but as a wise man once said, a delayed game can be eventually good but a rushed game can be forever bad.”
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