240 job losses at THQ, CEO takes a pay cut
News - Restructuring to take effect by the end of March
THQ's restructuring seems to be taking its toll and despite the success of Saints Row: The Third hasn't delayed the need to cut staff.
240 staff will be axed by the 31st of March outside of THQ's development staff and the CEO Brian Farrell will be taking a one year 50 percent pay cut (from 718,500 USD to 359,250 USD).
This is all part of THQ's restructuring plan to refocus their attentions on core games in an attempt to reverse their fortunes and hopefully stave off a potential NASDAQ delisting if the share price doesn't rise above 1 USD by the summer.
On initial examination refocusing on core gaming might prove a shrewd move for THQ as their numerous family and kids licenses have failed to score any kind of success whereas Saints Row: The Third has managed to shift 3.8 million copies and is projected to break the 5 million mark in its lifespan.
Thanks Edge Online.
© 2012 Ferrago Ltd