"Take-Two Interactive Announces Layoffs and Project Cancellations"

Take-Two, the publisher of Grand Theft Auto, is laying off 550 employees and canceling multiple in-development projects as part of its ongoing restructuring plan, despite previous statements from CEO Strauss Zelnick that the company had "no current plans" for layoffs. The company expects to incur significant charges related to the restructuring, with the program set to be "largely complete" by the end of the year. This announcement comes shortly after Take-Two's acquisition of Borderlands developer Gearbox and confirmation of a new Borderlands game in development.