The news from Bandai Namco is not good. The company will be undertaking a new plan that they are calling a “restart plan” to curb the mounting losses that the publisher is experiencing. While they can name the plan anything they choose, the bottom line is that they will be restructuring in an effort to get costs under control.

The restructuring plan will result in job losses, as restructuring always seems to do. In this case, Bandai Namco will slash 10% of their estimated 7,000 headcount, which translates to about 630 jobs, according to our sources. The company says that the cuts are “urgent” and necessary to increase the flexibility of the publisher and help the bottom line.

Like most game publishers these days, the company cited the weak market with declining sales as the reason that profits are down. The company does not see the future looking much brighter anytime soon, as they expect market conditions to stay about the same or get worse; this means the company will face increased competitiveness from their rivals.

While the company did not suggest where jobs would be slashed, our sources tell us that they will be focused on quality control improvements in Japan as part of their efforts, as well as additional focus on improvements in the company’s U.S.-based World Studio that launched around April 2009. From the whispers we hear, the cuts will be across the board and will impact all departments within the company. The company did not announce plans to drop any of the previously announced titles that are currently in development, but our sources tell us that the company will be reviewing their release schedule of upcoming titles in an effort to make sure that they will have the best offerings from the company that are likely to sell well.