Over recent weeks, we've heard several stories about the financial woes of Midway Games. The tales of the NYSE de-listing, the tens of millions of dollars of debt, and the sale of the company for peanuts are all academic now. The only question left to answer is: how much further can they fall? Some of that answer comes to us today as the news is out that in order to further cut costs, Midway is closing one of their studios and laying off 180 employees.

The cuts are being made to Midway's operations all across the country. Midway Austin, which employed 45 people, is closing its doors completely; and Midway Chicago is seeing a further 130 positions  terminated. This accounts for approximately one quarter of the company's workforce.

Midway president and CEO Matt Booty had this to say of the move, "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.”

There is never a good time to lose one's job, but at this time of year, in this economic climate, it seems particularly hard to stomach. Has Midway hit bottom yet, or is the worst yet to come? Stay tuned and find out.

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