Reports: Midway Closes San Diego And Aussie Studios News
Jon Wilcox
15/12/2005
Midway closes two development studios due to poor financial situation according to reports...
Coming just a matter of weeks after the closure of Stainless Steel Studios, reports from various sources have today suggested that Midway are to close its operations in San Diego and Australia, with job losses of at least seventy staff in the latter. Financial results from the company in recent quarters have been below expectations, leaving the publisher/developer with increased losses and a reduced revenue forecast for the fiscal year from $200 million to $145 million.
Midway Studios San Diego developed the recently released Gauntlet: Seven Sorrows, whilst Midway Studios Australia, formally Ratbag, was only acquired by Midway in August for $7 million.
A formal announcement from Midway about the closures is yet to be made.
We'll have more news shortly...