Rhode Island developer jobs lost in layoffs
Posted on May 29, 2012
38 Studios, which creates video games, has laid off its entire staff, leading to Rhode Island developer jobs being lost.
This week Polygon broke the news that debt-strapped 38 Studios had laid off their entire staff.
The studio initially defaulted on a check for a $1.125 million loan earlier this month from the State of Rhode Island.
Polygon said that since May 1st a pay freeze had been in effect for all staff. No one in the company was talking.
According to previous articles, the company was recently hiring staff in Rhode Island and moving their HQ from Massachusetts to Rhode Island.
The studio formerly agreed to sign a $75 million loan guarantee for the move.
Rhode Island is attempting to make itself an attractive area for video game developers to set up shop, and the loan demonstrated their initiative.
The Rhode Island Economic Development Corp. approved the loan.
Curt Schilling, CEO, told the Boston Globe: Ive invested a significant amount of my lifes earnings in 38 Studios and I will protect the loan guarantee thats been given by the state with the same passion and interest that Im protecting my own investment in this company. Our paths are very much aligned.