THQ filing confirms major layoffs

An SEC filing by THQ confirms that the company plans to layoff as many as 240 employees by the end of September this year as part of its restructuring plan.


A standard disclosure form filled by THQ with the SEC today confirms the major layoffs we heard about late last week coming at the videogame publisher. It also reveals a whopping 50 percent pay cut for its President and CEO. The moves constitute a large part of the company's plan to restructure around core game development as it leaves behind licensed products aged at younger kids. The document reads, "The restructuring plan involves a realignment of the organizational structure resulting in reductions of up to 240 selling, general, and administrative personnel worldwide." Though he's not losing his job, THQ president and CEO Brian Farrell also agreed to an amended employment agreement that reduces his pay for a one-year period beginning February 13 from $718,500 to $359,250.

The plan calls for most of the cuts and related restructuring over the next two months to be completed by March 31. The remaining moves will be staggered thereafter, wrapping up by September 30. The layoffs, combined with the news that the Nasdaq issued a delisting order for the stock, paints a dark forecast in advance of THQ's third quarter results conference call for investors scheduled to take place tomorrow afternoon.

Though unconfirmed, a tweet by veteran videogame executive Kevin Dent says that the cuts at THQ include it VP of Technology, Mark DeLoura. He had joined THQ in December of 2010.

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    February 1, 2012 4:00 PM

    Garnett Lee posted a new article, THQ filing confirms major layoffs.

    An SEC filing by THQ confirms that the company plans to layoff as many as 240 employees by the end of September this year as part of its restructuring plan.

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      February 1, 2012 6:05 PM

      thanks, obama

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      February 1, 2012 6:08 PM

      How bad is this for Relic? They are pretty much the only reason THQ is known to me these days, would hate to see them go down.

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      February 1, 2012 6:17 PM


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      February 1, 2012 6:52 PM

      CoH 2 better come out.

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      February 1, 2012 10:52 PM

      what a shame, because it looks like they're really trying to make good games.

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      February 1, 2012 10:56 PM

      Could some of these losses be from the devs that do their movie/kids tie-ins that they are dropping like it's lava?

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      February 2, 2012 12:30 AM

      This is so sad. THQ seems like the most consumer-friendly publisher out there right now, and while their games are not all AAA titles, they are often underdogs that turn out to be great games. I hope they can get it all sorted out and back on the right track.

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        February 2, 2012 1:22 AM

        Yeah I've really grown to like THQ lately. And their webshop have had some killer deals!

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        February 2, 2012 1:28 AM

        Yeah agreed, it really sucks for them how tough the market is right now. Shit, if EA can't turn a Q3 profit with FIFA at #1 for weeks and all those Christmas sales, what hope has THQ got?

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      February 2, 2012 12:52 AM

      Should mention that they have about 1750 employees as of their 10-K filing March 2011.

      So cutting 240 is a 14% cut in the workforce for THQ.

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      February 2, 2012 2:35 PM

      Jesus Christ, that guy's salary is fucking obscene for running this company into the ground.

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