Midway Games to cut 25% of its workforce

Midway Games to cut 25% of its workforce

Midway Games has announced that they are cutting their workforce by around 25%.

They are also closing down a studio located in Austin, Texas.

The company is also suspending development of many non-core games as they aim to cut costs.

Midway said in a regulatory filing that they would be taking a total charge of about $21.7 million in the fourth quarter, including a severance-related cash charge of about $1.6 million.

This is bad news for the company which is already struggling to compete against the giants in the industry.