Following
earlier confirmation of a reorganized focus for major publisher Take-Two, a new report suggests major European job cuts for the company, including the ousting of �most� of the region's management staff.
According to a
new report by British trade paper MCV, confirmation of the layoffs is expected by the end of June, adding that Take-Two's sales and marketing efforts within PAL regions are also expected to �report directly� to the firm's headquarters in Geneva.
The reorganization, according to Take-Two�s international managing director James Ellingford, is part of a larger effort to �strengthen the company�s performance and competitiveness, whilst at the same time reducing its overall cost.�
Specifically, the executive described the cuts as �pro-active measures� designed to �help offset the increased development costs for next-generation hardware platforms, as well as provide increased value for our shareholders.�
The report follows Take-Two's
second quarter earning announcement, at which time the company reported a loss of $51.2 million on $205 million in revenue, a significant decline from the company's previous year.
The publisher also announced at that time a new
comprehensive restructuring plan, indicating that it plans to consolidate and realign a number of its departments and studios from marketing and sales to its 2K and 2K Sports labels.
Added Ellingford to MCV, �While it is regrettable that there will be a number of staff reductions, this was necessary so that we could realise our goals of creating continuing growth opportunities for the larger organisation.�
