EA Releases Details on Previously Announced Reduction of Facilities and Work Force has a follow up on the announcement from Electronic Arts that it would be cutting its workforce with word that these cuts will be more extensive than previously indicated. EA now announces 10% of its workforce, approximately 1,000 people, will be losing their jobs between now and March 31, 2009, almost double the 6% cut they had previously planned. Word is the restructuring will result in annual cost savings of approximately $120 million and restructuring charges of approximately $55-65 million over the next several quarters. The story also confirms recent reports about Need for Speed developer Black Box: "The restructuring also calls for consolidation or closure of at least nine studio and publishing locations. Among the facilities to be consolidated is the Black Box Studio facility in Vancouver, British Columbia. The Black Box development teams and associated game franchises will move to the nearby EA studio location in Burnaby, British Columbia. EA is implementing a plan to narrow its product portfolio to focus on hit games with higher margin opportunities. The company remains committed to taking creative risks, investing in new games, leading the industry in the growing mobile and online businesses, and delivering high-quality games to consumers." According to Bloomberg.com: "Electronic Arts climbed 73 cents, or 4.3 percent, to $17.49 at 10:31 a.m. New York time in Nasdaq Stock Market composite trading. The shares fell 71 percent this year before today."