According to Bloomberg games reporter Jason Schreier, Hangar 13 won't be laying off any employees after the cancellation of a project code-named "Volt" that was abruptly cancelled yesterday.
Word of Volt's cancellation spread yesterday after Take-Two casually reported the cancellation of a $53 million project during its earnings call--and apparently came as a surprise to developers working on the team.
Per Schreier, Volt was apparently a new IP for Hangar 13, which previously developed the critically-acclaimed but commercially struggling Mafia III. The new game had apparently been in the works in some form or another since 2017.
It's still rough news for devs who have been working on the title, but hopefully this is a good sign of Take-Two's ability to retain staff and keep talent around even if a project doesn't work out.