They're doing what they always do: mass layoffs of senior staff from November till Feb. to increase money for shareholders, then they hire recent grads starting in ~march-may for their next project cycle.
Rinse, repeat. I started in the games industry a little shy of 20 years ago, and I only know two people still in it.
Video game companies are the least loyal to their employees of any industry that I, or family/friends of mine, have ever worked in. In 19 years I was in 8 different layoffs. The longest I ever worked anywhere was four years (at five they have to give you full-time full benefits).
One time I signed up for my EI after a layoff a government employee (I'm Canadian) referred to video game workers as effectively "seasonal". Average is 18 months working, six months unemployed.