German video game company Crytek on Tuesday announced a major restructuring effort that it says will ultimately allow them to focus on their core strengths of creating game-development technology and of course, actual games.

Moving forward, Crytek said development of premium IPs will take place exclusively in its Frankfurt and Kiev studios. As such, all other development studios under the Crytek banner including those in Bulgaria, China, Hungary, South Korea and Turkey will be shuttered.

The company said it has put plans into place to ensure a smooth transition and help displaced staff secure jobs.

Rumors suggesting Crytek was in financial trouble date back to at least mid-2014. Specifically, it was reported that the company was struggling to pay employees and keep others around (as many as 100 people reportedly left within a three-month span). Current and former staffers at the time spoke of a tense, unstable work environment marred by poor communication. Crytek even had to cancel work on numerous games including a sequel to Ryse: Son of Rome, sources said.

Crytek, however, vehemently denied allegations that it was on the verge of bankruptcy.

In announcing the restructuring today, Crytek Co-Founder and Managing Director, Avni Yerli, noted that undergoing such transitions are far from easy and that they'd like to sincerely thank each and every staff member - past and present - for their hard work and commitment to the company.

That said, Yerli added that the changes are part of the essential steps needed to ensure Crytek is healthy and sustainable moving forward.