Sources have told British trade publication MCV that publisher Take-Two is looking to cut 20 per cent, or 400 positions, in their global operations in order to cut costs. While there is no official word yet, Take-Two have had a rough couple of years, and with take over rumours and stories of poor project management (Red Dead Redemption, L.A. Noire) it's just the latest piece of bad news to hit Take-Two.
With such a heavy cut in staff it is likely that Take-Two will also cancel one or two projects on the development side and we might even see one or two studios closed down. However, this is purely speculation at this point.
On a more positive note, the publisher will have Bioshock 2 (pictured) out next week and that should help alleviate some of the most immediate cash shortage. We're keeping an eye on the situation.
Update: According to Take-Two vice president Alan Lewis the reports on Take-Two's restructuring are erroneous.
"To be clear, there were no reductions made at the studio level."
Some of the restructuring has to do with Take-Two's impending sale of the Jack of All Games distribution network. So hopefully, this won't affect any games in development.