Report: 170+ Laid Off At THQ [UPDATED]
Posted on Wednesday, February 1 @ 14:52:00 PST by Daniel Bischoff
According to an SEC filing, plans are in place to turn THQ around. This includes the elimination of up to 240 jobs and the pay cut of executives at the company to the tune of up to fifty percent:
On January 26, 2012, Company's management initiated a plan of restructuring in connection with the updated business strategy in order to appropriately adjust the Company's operating expenses to better align with the expected revenues under the updated strategy. The restructuring plan involves a realignment of the organizational structure resulting in reductions of up to 240 selling, general and administrative personnel worldwide. The majority of the restructuring plan is expected to be implemented by March 31, 2012, with the remainder completed by September 30, 2012.CEO of THQ Brian J Farrell's salary will be cut 50%, from $718,500 to $359,250 for one year. Any lump pay tied to Farrell leaving or being fired without cause will be reduced by a third.
There has been a whirlwind of rumors enveloping the financial illness at THQ and Independent Industry analyst Kevin Dent claims to know just how bad things are at the publisher of Warhammer, Saints Row, and more.
Via Twitter, Dent claimed:
This is probably going to break in the morning, I have sat on it for a week or so. The culling at THQ was 170+ souls including [VP of Tech] Mark DeLouraThis rumor comes on the heals of a delisting threat to THQ on the Nasdaq stock exchange. Whether the report is true or not means little at this point. Things obviously aren't looking good for THQ in the middle of their rebranding and seachange from licensed IPs to hardcore games.
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