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Midway Austin Cancels New Project, Lays off Employees

by Rainier on Aug. 11, 2008 @ 3:31 p.m. PDT

Following last week's departure of several executives, Midway has canceled an as-yet-unannounced project in production in its Austin, TX, facility, and as a result laid off 90 of its 130 employees. The studio will remain open as two teams are working on unnamed prototype projects intended to expand Midway’s portfolio of new IP.

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.”

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