Midway Games to cut 25 percent of jobs has a repercussion of recent reports that Midway is in serious trouble with tumbling stock prices after a sell-off by Sumner Redstone. According to the report, 180 employees are losing their jobs in this holiday season, with Midway Austin being closed down and further cuts coming at Midway's Chicago and San Diego studios. It is reported that unnamed "noncore" games have been cancelled, and the moves are described as "a response to the specific challenges we are facing at Midway, many of which have been amplified by the current economic conditions." As a result of the cuts, Midway expects to take a charge of $1.6 million in the fourth quarter.