Midway Cans Project Mid-way

August 12, 2008 by Raj
Filed under Corporate, Development, Miscellaneous, Newsbits, Press Releases

The financially troubled company Midway has canceled their yet-to-be-announced game project and has made some staff cuts. Sad news indeed.

Press Release:

Midway Games Inc. (NYSE: MWY) today announced that it has canceled an as-yet-unannounced project in production in its Austin, TX, facility, and as a result Midway will have a reduction in force of a portion of the affected development team. The studio will remain open and will continue to operate both the Company’s Central Outsourcing Group as well as two teams that are working on unnamed prototype projects intended to expand Midway’s portfolio of new intellectual property.

This decision will allow Midway to maximize its development resources and apply manpower and capital to projects with the highest chances of success. The workforce reduction will affect approximately 90 of the 130 people currently employed in the studio. For further details on the reduction and the financial impact, please reference the report filed today on Form 8-K with the Securities and Exchange Commission.

Matt Booty, interim CEO and president of Midway Games Inc. commented, “While this was a very difficult decision, we feel it was the right thing to do for the future of Midway. We view every game as an investment that must meet certain standards for quality, scheduling, and profitability. Midway remains committed to producing the highest quality entertainment, as evidenced by our strong holiday line-up which includes TNA iMPACT!, Blitz: The League II, and Mortal Kombat vs. DC Universe starring a team of MK characters and some of the most recognizable DC Comics personalities such as Batman, The Joker, and Superman.”