Take-Two Announces Layoffs and Cancels Projects

18 April 2024 at 12:36 in Gaming News with no comments

In another blow to the gaming industry, Take-Two Interactive has announced plans to lay off 5% of its workforce in a restructuring plan that includes canceling multiple games.

Take-Two has announced it is to lay off 5% of its workforce

Take-Two Lay Offs Announced

Take-Two Interactive has revealed plans to lay off nearly 600 employees in an SEC filing, in a cost reduction program that includes multiple projects being canceled.

The plan by Take-Two is an ongoing “streamlining” and “organizational” restructure that began more than a year ago last February as the company has posted net losses in each of its last seven quarters.

As part of the plan, Take-Two expects to lose over $160 million in charges, with up to $140 million of that due to video game cancellations. There’s no news yet about what games have been canceled, but I shouldn’t think the upcoming GTA 6 by Rockstar would be much affected, with that game expected in 2025.

Take-Two Announces Layoffs

Unfortunately, Take-Two Interactive expects to lay off 5% of its workforce by the end of the year. This follows Palia, which recently released 35% of its developers, and EA, which canceled an upcoming Star Wars game and also laid off 5% of its workers a few months ago.

The industry can’t catch a break right now, with devs losing their jobs and gamers missing out on new video games. It’s a massive blow to everyone; all we can hope is that everyone affected lands back on their feet.

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By Daniel Burrows Daniel