Midway execs get the boot, entire Chicago dev team acquired by WB

After recently giving its San Diego and Newcastle studios the required 60 day warning that their offices are to be closed, Midway announced yesterday that its corporate headquarters in Chicago is shutting down. According to a recent US Securities and Exchange Commission filing by Midway, the closing affects all 60 employees currently working at the offices -- including CEO Matt Booty -- representing "approximately 20% of the company's global workforce."

Interestingly, though Warner Bros. purchased a $33 million-sized chunk of the company last month, the report states that WB paid out more to the tune of $49 million "including the assumption of certain liabilities" -- presumably some of the debt owed to creditor. A Midway rep told the Chicago Tribune that, while the executive offices have been closed and everyone let go, all 100 employees at the company's Chicago development studio have been offered jobs by WB. Oh, right, we almost forgot -- yes, the Midway San Diego offices (and its TNA wrestling license) are still up for sale -- at least for another 45 days or so.

Source 1 - Kotaku
Source 2 - Chicago Tribune
Source 3 - US Securities and Exchange Commission