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THQ Confirms Massive Layoffs

Author:
Jonathan Lester
Category:
News
Tags:
Financials, Layoffs, THQ

THQ Confirms Massive Layoffs

CEO Takes 50% Salary Cut

THQ are in a spot of bother, to put it mildly. With share prices at an all-time low and threats of being delisted from NASDAQ, on top of horrendous financial projections, the publisher has announced that they'll have to make "up to 240 redundancies" over the next three months - and CEO Brian Farrell has accepted a 50% pay cut in a show of solidarity. You can download and read the regulatory filing for yourself if you don't want to take my word for it.

However, it's worth noting that the redundancies won't affect development personnel, rather, the layoffs will be culled from "selling, general and administrative" staff. Game development should continue unabated.

We'll get more details in tomorrow's financial report - and discover whether there's any truth to the rumours of cancelled 2013 titles.

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