Take-Two Interactive is embarking on another cost cutting program, and this one will see the company layoff about 5% of its employees by the end of the year.
“As part of these efforts, the company is rationalizing its pipeline and eliminating several projects in development and streamlining its organizational structure, which will eliminate headcount and reduce future hiring needs,” Take-Two explained in an SEC filing stating that the board of directors approved the new program today.
In its latest annual report, Take-Two reported having 11,580 full-time employees, which would put the layoffs at approximately 580 people.
