Midway Games (MWY) Announces Workforce Reduction
Midway Games Inc. (NYSE: MWY) is taking significant steps to reduce its cost structure, including a reduction in workforce, the closure of its Austin, TX, studio, and the suspension of development on several non-core games.
The cost-cutting initiatives will involve a reduction in force across multiple disciplines within the company in its Austin, Chicago and San Diego locations. Headcount will be reduced by approximately one quarter of Midway's global workforce. The suspended non-core projects were previously scheduled to release in 2010 or 2011 and have not yet been made public.
Midway Games Inc. is a leading developer and publisher of interactive entertainment software for major videogame systems and personal computers.[SM]
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