UPDATE: Publisher acknowledges “restructuring” of its corporate departments, but says reports of a 20 per cent workforce reduction are “erroneous” and that no cuts have been made at studio level.

US publisher Take-Two will reportedly axe up to 20 per cent of its global workforce as it implements restructuring efforts to improve its finances.

Citing information from “senior industry sources”, MCV reports that 400 staff may be let go across the company’s publishing and studio operations.

The New York-headquartered publisher has an international base in the UK and operates 14 development studios, plus three QA studios and sales and marketing teams.

In December Take-Two reported a net loss of $137 million for fiscal year 2009, shortly before selling off its Jack Of All games distribution business in a deal thought to be worth $43.25 million.

Last month Take-Two shareholder Carl Icahn boosted his stake in the publisher with the purchase of over a million shares, making him a 12.3 per cent stakeholder. That move came shortly after Icahn and other stockholders announced plans to nominate three new board members to replace Ben Feder, Grover C. Brown, Esq., and John F. Levy.

We've contacted Take-Two for comment on this report.