Saints Row studio Volition was the first developer that has been shut down by Embracer Group in its ongoing restructuring activity, but that won’t be last. The company warned about the possibility of further closures in what was probably one of the most egregious cases of serial acquisitions in the past four years, followed by months of layoffs.

Embracer’s group wants to downsize her hair.

At a recent annual meeting, Embracer CEO Lars Wingefors told stakeholders that the company will continue to restructure and downsize until it achieves its financial goals. Embracer was bleeding cash as a result of a number of high-profile studio and IP acquisitions over the past two years, but at no cost sought to attract more financial partners.

Preferably, we would like to find new opportunities for our employees even if it was outside Embracer, said Wingefors. Sometimes it will be a divestment, or that we are working with partners to finance some projects, but ultimately, we’re making decisions to either restructure or downsize some teams, and there will be several closures.

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Wingefors said that he’s confident Embracer will be able to achieve its goals by the end of the year. The last time it’s been left behind by layoffs is Tomb Raider developer Crystal Dynamics.