Embracer has announced a "comprehensive" restructuring of its business, indicating that layoffs, game cancellations, and studio closures will be happening over the next few months. The goal is to get the group's debt under SEK 10 billion (just under a billion dollars) by the end of FY 2023/24 (i.e. next March), and the most sobering part of the announcement is its intent to cut overheads by at least 10% per year. Overheads in this context mostly meaning wages.
The company's announcement says the restructuring will include "the closing of studios and termination of projects that have not yet been announced and with low projected returns". CEO Lars Wingefors published an open letter in which he addresses the layoffs without putting a specific number on them:
