Take-Two laying off 550 people, weeks after saying it had "no current plans" to do so

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.

Take-Two said its restructuring program will be "largely complete" by the end of this year.

Watch on YouTube Today's news comes just weeks after Take-Two CEO Strauss Zelnick said the company had"no current plans" to lay off staff.

"The hardest thing to do is lay off colleagues," Zelnick said in February.