Take-Two Interactive, the publisher of Grand Theft Auto and Borderlands, has announced it is slashing its workforce numbers and cancelling several unannounced projects.
The job losses contribute to the ongoing game industry layoffs and will include a 5% cut of its current 11,580 full-time employees – equating to roughly 579 job losses in the coming month.
This announcement was made via an official filling made with United States Security and Exchange Commission on 16 April.
Take-Two noted in this filing that this effort will see the company “rationalising its pipeline and eliminating several projects in development and streamlining its organisational structure, which will eliminate headcount and reduce future hiring needs,”.
The company also noted that they estimate it will incur approximately approximately $160 million to $200 million in total charges in connection with the program.
“The company expects $40 million to $60 million of the total charges to result in future cash expenditures. The total charge consists of approximately $120 million to $140 million related to title cancellations, approximately $25 million to $35 million associated with employee severance and employee-related costs, and approximately $15 million to $25 million related to office space reductions.,” the company explained.
This is just the latest in a long list of gaming layoffs and marks the second time in little over a year that Take-Two has been forced to reduce their team size.
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