Midway axes 60 jobs in Chicago
Friday, 17th July 2009 at 12:41 pm
Senior executives, including CEO, given two months’ notice
Over sixty employees at Midway’s Chicago-based HQ have been handed their notices and will leave the company by early September.
The news follows the closure of Midway’s Newcastle arm as the company looks to tie up its Chapter 11 bankruptcy proceedings, and at the same time work through Warner’s $33 million acquisition of the majority of the publisher’s assets.
The situation at Midway’s Chicago HQ is different to that of the dev offices in the same city. Warner has reportedly offered jobs to 100 staff members at the Chicago-based developer.
HQ staff – which include CEO Matthew Booty – have been give two months’ notice. The employees affected represent around 20 per cent of Midway’s remaining workforce, an SEC filing stated.
Warner’s buyout has allowed Midway to write off around $30 million in development costs and about $76 million in debt. Studios not tied in to the Warner buyout are facing similar outcomes.
TNA wrestling dev Midway San Diego is set to shut down as soon as August unless a buyer comes in to rescue the group. Midway Newcastle, meanwhile, closed down earlier in the week.
© Develop 2013. All rights reserved.