It was confirmed yesterday that EA's Chicago studio is shutting down immediately as part of the company's overall plan to get back in the black.

150 employees were laid off as a result, with another 200 layoffs still planned to come from other studios. EA Chicago was responsible for developing the Def Jam and Fight Night series as well as an upcoming Marvel fighting game. The company made no comment as to the future of these franchises.

The cuts come in light of the disappointing quarterly earnings last week, when execs decided the company needed to downsize.

In a memo to employees, informing them of the closing, EA President Frank Gibeau said, “Each team is responsible for staying on a reasonable path to profitability. Sticking to that strategy is what gives us the financial resources and flexibility to take risks on new projects. Unfortunately, EA Chicago hasn't been able to meet that standard.”

All eligible employees will be given severance packages, and many will be offered relocation opportunities, according to the memo.