Sega Reports Losses, Layoffs

Gamemaker Sega became the latest tech company to be hit the struggling economy, announcing Tuesday a 15 percent year-on-year loss for 2008, forcing it to close 110 amusement facilities and layoff 560 staff members, reports

Sega also will cut back its research and development costs by about 20 percent and consolidate titles in development.

The company lost about $119 million in the nine-month period ending Dec. 31.