hot  /  reviews  /  videos  /  cblogs  /  qposts

THQ lays off 240, board of directors takes 50% pay cut

6:15 PM on 02.01.2012 // Samit Sarkar

The hits just keep on coming for THQ. Last week, the publisher announced a shift away from licensed kids' games, likely related to poor multiplatform uDraw tablet sales. Yesterday, NASDAQ warned THQ that its underperforming stock, which is currently trading at $0.72/share, could be delisted in six months.

Today, THQ revealed in an SEC filing that it will be laying off up to 240 "selling, general and administrative personnel" worldwide as a result of the corporate restructuring brought on by the aforementioned business strategy change. When reached for comment, a THQ representative confirmed to Destructoid that the layoffs won't affect any of the publisher's five internal studios: THQ Studio San Diego (WWE); THQ Studio Montreal (unannounced new IP); Volition, Inc. (Saints Row); Relic Entertainment (Warhammer); and Vigil Games (Darksiders).

THQ expects that the layoffs will cost about $8.5 million -- $8 million in severance for affected employees, and $0.5 million in contract terminations -- and that the company will incur additional costs of $2.5 million for abandoning other "fixed assets." Most of the layoffs will come before the end of the company's 2012 fiscal year on March 31, and the rest will occur between then and the end of the fiscal second quarter on September 30.

The same SEC document noted that THQ president and CEO Brian Farrell's base salary will drop by 50%, from $718,500 to $359,250, for one year as of February 13, 2012. In addition, if THQ fires him "without cause" or if he resigns for "good reason," the bonus-based part of his severance package will now match his highest-ever annual bonus, instead of being three times as much as that previous high. The non-employee members of the company's board of directors (i.e., everyone except Farrell) are also taking a 50% pay cut for a year, although their cuts go into effect today.

THQ has promised further details in its third-quarter conference call, scheduled for tomorrow afternoon.

THQ Investor Relations - SEC Form 8-K, 02/01/2012 [THQ]



Samit Sarkar,
 Follow Blog + disclosure

This blog submitted to our editor via our Community Blogs, and then it made it to the home page! You can follow community members and vote up their blogs - support each other so we can promote a more diverse and deep content mix on our home page.



 Setup email comments

Unsavory comments? Please report harassment, spam, and hate speech to our moderators, and flag the user (we will ban users dishing bad karma). Can't see comments? Apps like Avast or browser extensions can cause it. You can fix it by adding *.disqus.com to your whitelists.

 Quickposts
Status updates from C-bloggers

Pixie The Fairy avatarPixie The Fairy
Traded in a bunch of old Star Trek novels and other books at a used bookstore. Made $10 and got Tori Amos' "Strange Little Girls" album along with it. They made me take the William Shatner novels back. Smart clerks.
OverlordZetta avatarOverlordZetta
Can this be Toy Story 4? [youtube]https://youtu.be/XJkZX0rKElY[/youtube]
Gamemaniac3434 avatarGamemaniac3434
Also I will be reviewing freedom wars. I didnt make it to the end. I will not be kind to it. There will be blood.
Gamemaniac3434 avatarGamemaniac3434
Yeah....been there before.
techsupport avatartechsupport
MGS V review: When using a character other than Big Boss for missions, the intro credits still say, "starring Punished 'Venom' Snake." Sloppy work, Kojima - no wonder Konami dumped you. 0/10.
Gamemaniac3434 avatarGamemaniac3434
Grim Fandango......some real good sruff here. As soon as I complete it (vita version, of course) will probably see about a write up. Not perfect, but theres some good stuff here. Glad it got brought back from obsolescence hell.
Rad Party God avatarRad Party God
*sigh* If only Disqus had a "block/ignore user" option :/
VIRGO avatarVIRGO
Must. Use. This. Blog. More. But. School.
GoofierBrute avatarGoofierBrute
Just started playing Hyrule Warriors again. Man is that game fun. A bit mindless at times granted, but fun nonetheless.
RadicalYoseph avatarRadicalYoseph
I ate vanilla ice cream and didn't put on any chocolate syrup. Now wondering if that was racist whitewashing #thanksjed.
Jiraya avatarJiraya
The cat dragged in some action figures !
[img]http://i.imgur.com/6Cu2Asg.jpg[/img] [img]http://i.imgur.com/qMFDAw3.jpg[/img] [img]http://i.imgur.com/RPUraY8.jpg[/img] [img]http://i.imgur.com/51DLqjh.jpg[/img]
Dr Mel avatarDr Mel
There's a Custom Soundtrack folder in MGSV. I can't think of a better thing to put there than the old episodes of podtoid I've been running through lately. I'll be fultoning guys and Holmes will be puttin' on mesh tank tops. Perfect.
Shinta avatarShinta
MGSV Pro Tip: Turn your brightness down to 0. It actually makes the view distance for the guards correct, and doesn't make nighttime the best option for you every single time. When guards shoot flares in the sky, the lighting looks like Dragon's Dogma.
Pixie The Fairy avatarPixie The Fairy
Proof I listened to too much Weird Al growing up: I really do hear "Living in America" as "Living with a Hernia."
Nic Rowen avatarNic Rowen
I've been playing a shit ton of Heroes of the Storm recently. It's my first MOBA and I'm SHOCKED at how much fun I'm having. Anyone else into it? Would love to get some games in with Dtoiders.
Script avatarScript
I would wait for a chance to play the game by myself, but I just have to know. Is David Hayter in MGS V in any way? Please no spoilers.
Rad Party God avatarRad Party God
Guys, serious question... How can I make D-Horse to poop?
gajknight avatargajknight
Goddammit @ FullmetalJ, you have poisoned my mind with...whatever the hell this is.[youtube]https://youtu.be/wv0iUKb80C8[/youtube] It's so, so catchy. Go suck a baguette. And thanks :3. Yes I have listened to all of it.
Niero Desu avatarNiero Desu
That time when Mr. Destructoid went to Vegas [img]http://i.imgur.com/hYEQG7z.jpg[/img]
SirDavies avatarSirDavies
As someone who hasn't played the MGS series at all, should I play it by release date or story order?
more quickposts


Contest!


Seriously

Invert site colors

  Dark Theme
  Light Theme


Destructoid means family.
Living the dream, since 2006

Pssst. konami code + enter

modernmethod logo



Back to Top


We follow moms on   Facebook  and   Twitter
  Light Theme      Dark Theme
Pssst. Konami Code + Enter!
You may remix stuff our site under creative commons w/@
- Destructoid means family. Living the dream, since 2006 -