Posted by Video Game News Staff, 114 days ago  |
THQ Drops 240 Employees, CEO Cuts Salary in Half
Financially troubled THQ has been making some broad moves and today they officially announced the saddest move yet, the dropping of 240 staff members.
Earlier this year they stated that they were getting out of games aimed at children and would be focusing on their core franchises.
Today CEO Brian Farrell has confirmed that 240 employees are to be let go and he is cutting his own salary by 50%, bringing it down to around $360,000.
In the long run this is obviously a cost-cutting measure on the part of THQ but it will cost them quite a bit of money, around $8M in severance pay, $2.5 in fixed asset abandonment and around $500K in contract terminations. So $11M plus the $360K from the CEO will right the ship?
All of this comes a week after NASDAQ warned the games publisher to raise their stock price over $1 or be delisted from the stock exchange.
It is certainly the hope of many gamers who dearly love many of the titles that THQ continues to make.
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