Over the past two years, the New York firm has been accused of overstating profits and now faces a formal stock options probe.
It has also been criticised for the graphic sexual content of one of its Grand Theft Auto games, which was withdrawn from many shops.
Earlier this year, unhappy shareholders removed the New York firm's chief executive and most of its directors.
The company did not state how many jobs it would have to cut from its 2,100 workforce but spokesman Edward Nebb said it would be a "meaningful" number.
It said it would break even at the end of its current financial year excluding the charges related to the restructuring.
Take-Two also named Lainie Goldstein as its chief financial officer.
Formerly senior vice president of finance, she became interim CFO when Karl Winters stepped down in April.
