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354w ago - It appears Midway's financial woes continue. Today the company formally announced that it has canceled an "as-yet-unannounced" project in development at its Austin, Texas-based studio.

In further bleak news, as part of an ongoing initiative to "maximize its development resources and apply manpower and capital to projects with the highest chances of success," approx. 90 of all 130 employees employed by the studio will be laid off.

To quote: 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."

Strong holiday line-up? Honestly, they'd be in deep trouble if it weren't for Mortal Kombat, which thankfully for them is almost guaranteed to sell well based on the inclusion of DC characters alone.

Midway Austin Project Canned, Confirms Layoffs

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