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38 Studios' ongoing financial issues lead to staff layoffs

38 Studios' ongoing financial issues lead to staff layoffs

May 22, 2012 | By Mike Rose

May 22, 2012 | By Mike Rose
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As part of Kingdoms of Amalur house 38 Studios' ongoing financial issues, the Rhode Island-based company has been forced to lay off a number of its staff.

The studio's money problems came to light earlier this month, as it was revealed that the company failed to make a scheduled $1.125 million loan repayment. The studio had previously been granted a $75 million loan from the government-owned Rhode Island Economic Development Corporation in 2010, after it agreed to move its operations to Rhode Island.

While the studio finally managed to make the payment last week, it was unable to pay its employees and missed the payroll.

According to a new report from ABC this week, Rhode Island Governor Chafee has now said that layoffs have occurred at the studio, as part of its move to make the aforementioned loan payment.

"I believe it was a mix of who's made payroll and a number of layoffs," he said of Monday's meeting between the studio and the state. He did not state exactly how many layoffs there have been.

"I know that the taxpayers want answers, and they'll get them overtime," he continued. "All I can promise is that we're working hard to protect every penny of the investment that was made."


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