Grand Theft Auto publisher Take-Two Interactive said today that it has "approved a cost reduction program to identify efficiencies across its business and enhance the company’s margin profile, while still investing for growth," and what that means in practical terms is that it's canceling several games currently in development and laying off roughly 5% of its workforce.
Word of the layoffs came from an SEC filing saying Take-Two is "rationalizing its pipeline" and "streamlining its organizational structure." Among the charges it will take in connection to the cuts are $15 to $25 million related to office space reductions, suggesting that some Take-Two offices will be closed as part of the cuts.
