THQ Confirms 240 Jobs Cut

Publisher THQ has confirmed that 240 employees have been laid off from the company, according to a regulatory filing. The confirmation comes on the heels of several rumors that suggest THQ would be laying off more than 150 employees.

However, 240 jobs is an absolute shit ton, if you ask me. The filing states that the 240 job losses will come by September but most are expected to take place before the end of March. The company also confirmed that the cuts will not effect the development staff and the company expects to pay more than $8 million in severance packages to those former employees.

THQ's CEO and president Brian Farrell has reportedly agreed to a 50% pay reduction in his salary for the year beginning on February 13. The cut will bring his yearly salary down from $718,500 to $359,250. However, the contract that Farrell signed states that his salary will return to 100% prior to these cuts by February 13 and then can not be reduced again. Get a clue asshole, you may not be there in 2013.

THQ has already been threatened by the NASDAQ by potentially being de-listed from publicly trading on the open market in the US if they can not pull their stocks above $1 for at least 60 days. They have 180 days to do so.

Via Gamasutra