GTA Publisher Take-Two is Preparing for Layoffs
Take-Two Interactive Software, the parent company of 2K, The Gearbox Entertainment Company, Private Division and Rockstar Games, is resorting to a new layoff move. According to the details announced, the company states that it will lay off approximately 5% of its workforce, that is, 600 employees.
Some projects will also be canceled
It is intended to avoid costs totaling up to $200 million, with people preparing to be laid off as part of a cost-cutting program. It is stated that in addition to the personnel to be laid off, several projects currently under development will also be canceled. It is unknown which projects will be canceled.
According to the details announced by Take-Two Interactive Software, the layoff move will provide annual savings of more than 165 million dollars. Canceled projects will account for $140 million of total costs. On the other hand, severance pay and employee costs are expected to reach up to 35 million dollars. Take-Two also says it will reduce some office space.