The Swedish gaming giant Embracer Group has confirmed that it has cancelled 29 unannounced games as part of its restructuring effort last year.

The company implemented a restructuring plan in June 2023, and it was revealed that it had 153 unannounced games in development across internal and external studios originally.

However, the number decreased from 153 to 124 in the new quarterly financial report, confirming that 29 unannounced titles have been canceled.

In the same financial report, the company also confirmed that a total of 1,387 employees had been laid off between July and December 2023.

While the company has confirmed that the restructuring plan is entering its “final stretch”, more layoffs are still expected to come as Embracer Group is looking to sell more assets.

“As part of the restructuring program, Embracer still has a few larger structured divestment processes ongoing that could strengthen our balance sheet and further reduce capex,” said Lars Wingefors, CEO of Embracer Group.

“Processes are in mature stages. Certain companies might initiate restructuring before any divestment is announced.”

“Our overruling principle is to always maximize shareholder value in any given situation.”

Although the publisher did not reveal which game has been canceled, it was reported that a new unannounced Deus Ex game has been canceled along with confirmation that 97 staff has been let go at Eidos-Montréal.

Since its restructuring effort which began in 2023, many studios under its umbrella have seen layoffs, game cancellations, and doors shutting down.

This includes the shutdown of Saints Row developer Volition, Campfire Cabal, and TimeSplitter studio Free Radical Design.

Recently, Black Forest Games, another studio under Embracer and best known for developing the Destroy All Humans remakes, has reportedly let go 50% of its workforce.