The bad news at game publisher Midway continues. In just the last few weeks its biggest shareholder sold off most of the company's stock (87 percent) for a mere $100,000. Furthermore the company needs $150 million in a little over a month or it could file for bankruptcy.

Today Midway revealed even more bad news in a filing with the US Securities and Exchange Commission. The company announced it will shut down its Austin, Texas development studio and lay off 180 team members, or 25 percent of Midway's staff. In addition to the remaining staff in the Austin, Texas location, Midway plans to reduce staff in its Chicago and San Diego locations and also cancel several unannounced "non-core" game titles. The company still has at least three PC projects in the world; the driving-action title Wheelman, the open world action game This is Vegas and an Unreal Tournament III expansion pack