More bad news for THQ, as the company has laid off 240 people today, as part of restructuring to deal with the company’s plunging performance. The news came from a regulatory SEC filing that confirmed layoffs were directly felt in administrative, selling and general areas of the company.
Also noted was THQ’s decision to make a major pay cut in CEO Brian Farrell’s salary. The executive will only see $359,250 on his base pay, as opposed to $718,500 from last year. His new pay period starts February 13.
Most of the layoffs are expected to take place in March and the process should be completed in September. Severance payments will cost the company a total of $8 million.
THQ is facing a possible stock delisting, and the company needs a real shot in the arm to turn around its business.
