Just in time for Christmas, some workers at EA found pink slips in their company stockings.

Earlier this month, Electronic Arts CEO John Riccitiello announced that layoffs and restructuring were imminent due to under-performing holiday titles. With games like Mirrors Edge and Need for Speed Undercover not flying off the shelves as anticipated, and the economy in a chaotic state, changes in the company were inevitable.

Over the next several months, with a target end date of March 31, 2009, EA will let go approximately 1,000 employees. According to the press release, this round of layoffs is an extension of the 600 personnel let go back in October, bringing the total laid off to 10 percent of EA's workforce.

The move, according to EA, will "result in annual cost savings of approximately $120 million and restructuring charges of approximately $55-65 million over the next several quarters."

Along with the layoffs are additional plans to consolidate and shut down several development and publishing operations, up to nine total. While the entire list has yet to be divulged, Black Box Studios in Vancouver is one of the affected studios. All Black Box development teams and related franchises will be moved to another EA location in Burnaby, British Columbia.

"EA is implementing a plan to narrow its product portfolio to focus on hit games with higher margin opportunities." said the statement. "The company remains committed to taking creative risks, investing in new games, leading the industry in the growing mobile and online businesses, and delivering high-quality games to consumers." Hopefully, Santa will be delivering great severance packages to those affected by the cuts