Take-Two has told us that reports it will cut up to 20 per cent of its global workforce in a bid to improve finances are “erroneous”.

The company said that it has made no reductions at “studio level”, but acknowledged that it has been “restructuring” its corporate departments.

Alan Lewis, Take-Two's VP of corporate communications and public affairs, told us in an emailed statement: “While it is our policy not to comment on rumors and speculation, we wanted to clarify an erroneous report regarding our company.

“As part of Take-Two’s stated goal to maximize the efficiency of our business, we initiated a targeted restructuring of our corporate departments only in order to better align our resources with our current goals. Some of these changes were associated with the pending sale of our Jack of All Games distribution business. To be clear, there were no reductions made at the studio level.”

Earlier today it was reported that the New York-headquartered firm was set to axe as many as 400 staff across its publishing and studio operations.