Grand Theft Auto firm to cut jobs

Grand Theft Auto has been controversial as well as popular

The firm behind popular computer game Grand Theft Auto has said it will have to cut jobs as it seeks to reduce costs by $25m (£12.6m) a year by 2008.

The announcement came as Take-Two Interactive Software posted a wider-than-expected loss of $51.2m for the past three months of the year.

The net loss was worse than the $50.4m, the scandal-hit firm shed last year.

Take-Two has been under fire for poor results, accounting problems and controversy over one of its games.

Over the past two years, the New York firm has been accused of overstating profits and now faces a formal stock options probe.

It has also been criticised for the graphic sexual content of one of its Grand Theft Auto games, which was withdrawn from many shops.

Earlier this year, unhappy shareholders removed the New York firm's chief executive and most of its directors.

The company did not state how many jobs it would have to cut from its 2,100 workforce but spokesman Edward Nebb said it would be a "meaningful" number.

It said it would break even at the end of its current financial year excluding the charges related to the restructuring.

Take-Two also named Lainie Goldstein as its chief financial officer.

Formerly senior vice president of finance, she became interim CFO when Karl Winters stepped down in April.