Midway Games (NYSE:MWY)
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From Jun 2019 to Jun 2024
Midway Games Inc. (NYSE: MWY) today announced that the company is taking
significant steps to reduce its cost structure, including a reduction in
workforce, the closure of its Austin, TX, studio, and the suspension of
development on several non-core games.
The cost-cutting initiatives will involve a reduction in force across
multiple disciplines within the company in its Austin, Chicago and San
Diego locations. Headcount will be reduced by approximately one quarter
of Midway’s global workforce. The suspended non-core projects were
previously scheduled to release in 2010 or 2011 and have not yet been
made public.
“The cost-reduction measures are vital for us to rationalize our
operations and provide the resources necessary for our core properties
to succeed,” said Matt Booty, president and CEO of Midway. “These
initiatives, along with the other steps we have taken this year, are a
response to the specific challenges we are facing at Midway, many of
which have been amplified by the current economic conditions.”
Additional details on the reduction and the financial impact can be
referenced in the report filed today on Form 8-K with the Securities and
Exchange Commission.
About Midway
Midway Games Inc. (NYSE:MWY), headquartered in Chicago, Illinois, with
offices throughout the world, is a leading developer and publisher of
interactive entertainment software for major videogame systems and
personal computers. More information about Midway and its products can
be found at www.midway.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
concerning future business conditions and the outlook for Midway Games
Inc. (the "Company") based on currently available information that
involves risks and uncertainties. The Company's actual results could
differ materially from those anticipated in the forward-looking
statements as a result of these risks and uncertainties, including,
without limitation, the financial strength of the interactive
entertainment industry, dependence on new product introductions and the
ability to maintain the scheduling of such introductions, the current
console platform transition and other technological changes, dependence
on major platform manufacturers and other risks more fully described
under "Item 1. Business - Risk Factors" in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2007, and in more recent
filings made by the Company with the Securities and Exchange Commission.
Each forward-looking statement, including, without limitation, financial
guidance, speaks only as of the date on which it is made, and Midway
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which it is made or to
reflect the occurrence of anticipated or unanticipated events or
circumstances, except as required by law.