Funcom: Job Cuts, The Secret World Delayed

According to a stock exchange report from FunCom, 20% of the company's staff will be laid off and development of upcoming MMO, The Secret World, will be delayed, due to a sharp cut in costs.

This news comes four weeks after it was announced that FunCom is opening a new studio in Montreal, where costs are a lot less than elsewhere thanks to tax credits from the local government. All 220 Norwegian employees were apparently offered the chance to move to Canada with the company, although this latest report claims the majority of the job cuts will be among the Norway team. FunCom currently has branches in Norway, China, Switzerland and the US.

The Google translate version of E24's original report says that FunCom's stock fell 18% after news of the job cuts and delays emerged.

Despite all this, FunCom has said it intends to hire 100-150 people in Canada over the next 18 months.

It's no secret that FunCom has been struggling recently. In 2008, the company reportedly lost $34 million USD.

We have contacted FunCom for a response, stay tuned for further news.