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NCSoft suffers layoffs and cancels projects, including ultra-realistic thriller Project M

NCSoft has ceased development on Project M, a thriller which aimed to impress with its ultra-realistic graphics.

This would include ceasing development on certain projects, as well as the "reassignment of internal members and the implementation of a voluntary retirement program". South Korean news agency Yonhap(thanks, IGN) said NCSoft co-CEOs Taek-Jin Kim and Byung-Moo Park blamed layoffs at the company on its financial troubles, with the execs apologising to affected staff. "As a result of operating in a way that most of the manpower and functions are concentrated at the headquarters, financial performance has continued to deteriorate and we are at risk of becoming a chronically loss-making company," the CEOs said, adding the situation "is seriously damaging the creativity and challenging spirit that NCSoft originally possessed".

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