In GT Interactive's financial report for the quarter ending December 31, GT Interactive announced that it will be closing the doors of its internal development group, Cavedog Studios. The announcement didn't come as a surprise to most, as Cavedog has been showing signs of trouble for a number of months and was recently forced to cancel Elysium and Amen: The Awakening due to budget and scheduling problems.
"We are continuing to look for new ways to leverage the combined strengths of GT Interactive and Infogrames to become a global powerhouse in interactive software,'' said GT CEO and chairman Bruno Bonnell. "We are more committed than ever to building shareholder value for the long term.''
GT lost over US$118 million in revenues for the third fiscal quarter of 1999. It's not known what will happen to Cavedog's online gaming service, Boneyards; Ron Gilbert's upcoming Good and Evil; or The Iron Plague, the Total Annihilation: Kingdoms expansion pack. At the time of press, no one from Humungous, Cavedog, or GT Interactive was available for comment.
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