THQ: 600 employees to be laid off, reorganization planned
THQ considerably goes into the red and pulls the emergency brake: Layoffs and reorganizations should help the publisher to rebound.
Due to the business situation games publisher THQ feels impelled to reduce its workforce. In the last fiscal quarter the publisher went into the red so that THQ now plans to dismiss 600 employees and to considerably reduce its portfolio.
For the last fiscal quarter THQ reports net sales of 357.3 million US dollar. The bottom line is a loss of 191.8 million. The preceding year still brought a profit of 15.5 million at a turnover of 509.6 million. 80 million of the losses can be attributed to studio closures.
Now THQ wants to push through its strategic plan that was announced in November 2008. That means: Concentrating on selected core titles and more casual games. Another important factor are cost reduction in the field of marketing as well as layoffs of 24 percent of the workforce. THQ's share price had a sharp fall of 15 percent.
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