According to an SEC filing from February 1st, THQ’s CEO and President Brian Farrell will take a 50% cut in base salary, and the company will lay off up to “240 selling, general and administrative personnel worldwide.” This announcement came after previous ones that THQ was undergoing a restructuring and getting out of the licensed kids’ games market.
The filing also says that the restructuring will start being implemented in March, 2012 with the “remainder completed by September 30, 2012.” However according to Joystiq, “most of the affected employees have already been notified.” This restructuring plan is also expected to cost THQ up to $11 million in special charges.
Personally, I hate to see THQ in such a tough financial situation as I’ve enjoyed many of the games it’s published over the years. In fact, Darksiders was my personal game of the year back in 2010. While THQ has said that these layoffs aren’t affecting its development studios, I can’t help but think this isn’t good for them and the games they have in the works.