February 2, 2012, 11:45

THQ To Lay Off 17% Of Workforce

By David Howard, Editor-in-Chief and Founder

After news this morning of the huge losses posted by Sony, it’s not getting much better out there at the moment, as THQ have confirmed that they will be laying off up to 240 employees.

The “restructuring plan” was announced via documents filed with the Securities and Exchange Commission, which will see 17% of the companies workforce unfortunately lose their job. This will see THQ pay out a combined severance package of around $11 million before the end of March. Additionally, the Chief Executive Brian Farwell will have his pay cut by half and his termination pay cut considerably.

This will probably not help dispel of rumours that the company is not fairing too well – with reports a fortnight ago suggesting that THQ was up for sale, despite the Executive Vice President of Global Publishing for THQ saying otherwise.

Our hopes and wishes go out to those that will be affected by the cuts.