News

THQ confirms 240 personnel layoffs
Posted: 02.02.2012 04:00 by JonahFalcon Comments: 4
As announced a few days ago, THQ has laid off 240 individuals from the company, though none from any development houses. The figure is higher than the 170 that was speculated earlier in the day.


All of the firings came from administrative departments, as expected. CEO Brian Farrell himself accepted a 50% pay cut, from $718,500 to $359,250, for a one-year period beginning 13th February.

THQ also announced it would be restructuring the company starting on the 31st March.

There had been reports in early January suggesting that the company had cancelled its 2014 line-up along with Warhammer 40,000: Dark Millennium Online, which the publisher denied.

Internal development studios Vigil, Volition, Relic, THQ San Diego, and THQ Montreal were unaffected by the layoffs, but if THQ continues to lose money, that may change.

Comments

By herodotus (SI Herodotus) on Feb 02, 2012
herodotus
"Restructuring" - a reassuring term for investors, but one of foreboding for employees. I'd like to know how they will survive as a major games publisher after this...if indeed they do. Perhaps EA and Vivendi might be sniffing around like hyenas at present.
By JonahFalcon (SI Elite) on Feb 02, 2012
JonahFalcon
The image above is my interpretation of how they fired those 240 employees. Pew, pew, pew! I'll show you "restructuring!"
By 786786 (SI Newbie) on Feb 02, 2012
786786
nice
By herodotus (SI Herodotus) on Feb 02, 2012
herodotus
There are job cuts all over the manufacturing front here in Oz and some Banks, and they're blaming it on the AUD being too strong (Export income drops). Can't win!