THQ LET 240 PEOPLE GO.
Is the company on its last legs?

Posted by J A on Feb 2, 2012 06:24 (112 days ago)
It’s all gone wrong for THQ lately. THQ a couple of weeks ago announced that it would be focusing on its “core” games, doing away with any licensed kids games, perhaps due to the poor sales of Udraw tablet. Then THQ recently got a warning that it would be delisted from the NASDAQ stock exchange unless it could raise the price of its stock above $0.99 (it’s currently at $0.72).
 
Well now THQ are undergoing “corporate restructuring” and laying off 240 “selling, general and administrative personnel” according to a released SEC filing. This will apparently leave publisher's five internal studios: THQ Studio San Diego, THQ Studio Montreal , Volition, Inc. , Relic Entertainment , and Vigil Games unaffected.
 
These layoffs are expected to cost $11.0 million; $8.5 million in severance pay and contract terminations. The company will also lose another $2.5 million due to “fixed assets”. In addition THQ president and CEO, Brian Ferrell’s, as chosen to take a pay cut with his base salary ($718,500) dropping by 50% ($359,250) for one year.
 
 
One thing’s for sure, this isn’t looking good the company.
 
 
 
 
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Feb 2, 2012 10:00:14 (112 days ago )

Greg S.
It\'s not really surprising, I haven\'t played a THQ title in a long time now, and there is an obvious reason for that.
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