U.K.-based game publisher Mastertronic is cutting about 40% of their staff, reports Eurogamer.net. This is the second company to use the name, as the original Mastertronic was eventually folded into SEGA, and the name was revived in 2004 when it was bought back by one of the company's original founders. Here's the statement from the Mastertronic's Andy Payne:

We knew that the business models we had been supporting were becoming unsustainable for us and some of our partners. The stress in the market is everywhere; indeed, every day we read about another studio, publisher, retailer or service company restructuring their business or, worse still, closing their doors and ceasing to trade. Only last week we found out about two major platforms reducing their staff numbers. This week another publisher has started their process of cutting back running costs and overheads. There is pain everywhere