Take-Two will lay off about 600 employees and abandon a number of projects
In a report to the U.S. Securities and Exchange Commission, Take-Two Interactive announced the launch of a cost-cutting program. As part of it, the publisher will lay off 5% of the staff by the end of the year.
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According to Bloomberg, at the end of the previous fiscal year ended March 31, 2023, Take-Two employed 11,580 people. Thus, layoffs may affect about 580 employees.
Take-Two plans to spend $25-35 million on layoffs-related payments.
As part of the Take-Two program, it also intends to reduce office space and close several projects. Closing the offices will cost the company $15-25 million, and canceling the games will cost another $ 120-140 million. It is not specified which games she decided to close.
Take-Two expects that these measures will allow it to save more than $165 million per year.
The fact that Take-Two is working on a cost-cutting program was announced by the head of the company Strauss Zelnick two months ago. However, he stressed at the time that there were no layoffs in the plans.
