While some websites are talking crazy talk about Sega coming out with a new console, other reporters are aptly making the situation clear that Sega isn’t in any position to get back into the hardware distribution game. In fact, Sega is looking to axe more than 500 jobs and close 110 amusement parks.

According to TGR via GamaSutra, the company has lost more than $10 billion for the fiscal year. To offset the financial losses, 20 percent of the research and development will be cut, in addition to the company seeking out 560 volunteers to part from the company. If else, I imagine there will be coercive pink slips handed out if the voluntary quota isn’t met.

Apparently the Japanese gaming market is far worse than the European and US gaming market, given that it was the latter two markets that balanced out Sega’s finances for their annual profits. We’ll continue to keep you posted on what happens with Sega as news emerges for the company. Until then, be sure to stay tuned in with Blend Games for more news and info on all things gaming.