THQ confirms 240 job cuts
CEO Brian Farrell accepts to a 50% cut in salary, as well.
THQ is in a financial mess. Rumors pertaining to job cuts around the company have been going around for some time now, but today the publisher has finally confirmed the unfortunate number. Around 240 employees will loose their jobs by the end of September; many by as early as March.
Company president and CEO Brian Farrell will be taking a 50% salary hit, from $718,500 to $359,250, for a one-year period beginning February 13, 2012. Directors around the company will take a similar salary cut, as well.
The layoffs may come as a move to save the company from falling of the Nasdaq stock exchange. According to Gamasutra, the company has until June 23 to maintain a share price of at least $1, and must keep it up for at least 10 consecutive days. THQ’s stock is currently lingering at 70 cents per share.
It is unclear if the company’s existing projects will be affected, or not.