While the company declared that it had no intention of laying off workers last February, Take-Two finally seems to have changed direction. In fact, the publisher of Grand Theft Auto informed the financial markets controller of its intention to proceed with a cost reduction plan. A restructuring which will impact nearly 5% of the company’s workforce, or around 550 people.
A massive layoff therefore which is also accompanied by the cancellation of several projects in development. Take-Two estimates that its restructuring plan should cost it between $160 and $200 million in expenses, including $120 to $140 million for the cancellation of titles. The ultimate goal is to achieve more than $165 million in annual savings.
It’s no secret that Take-Two’s finances are far from in good shape. We recall in particular that the company recorded a net loss of one billion euros during the 2002-2023 financial year. However, we can however find the timing of this announcement rather questionable, Take-Two having just acquired Gearbox for the tidy sum of 460 million dollars.