Grand Theft Auto publisher Take-Two has announced it will lay off five percent of its 11,000-strong workforce - equating to around 550 people - and cancel multiple in-development projects. The company said the move was the next stage in its ongoing restructuring plan, which began in February.

In a new filing, Take-Two said it expects to incur between $160m and $200m in total charges as a result of this restructuring program, with $120m to $140m related to title cancellations.

Additionally, it said approximately $25m to $35m will be associated with employee severance and employee-related costs, while approximately $15m to $25m will be related to office space reductions.