240 THQ Employees Sacked, CEO Takes 50% Pay Cut

THQ's financial troubles continue, with a U.S. Securities and Exchange Commission filing today revealing large scale redundancies and salary slashing at the beleaguered publisher.

According to the report "[t]he restructuring plan involves a realignment of the organizational structure resulting in reductions of up to 240 selling, general and administrative personnel worldwide."

The majority of the restructuring plan is expected to be implemented by the end of March, with the remainder completed by September 30, 2012.

This comes days after a tip regarding large scale redundancies at THQ's California office. We can also confirm that THQ's Australian office has been hit with at least 14 redundancies, amounting to around half the staff at the Melbourne-based branch.

Severance payments to laid-off workers will amount to around $8 million.

The regulatory filing also revealed THQ president and CEO Brian Farrell will take a 50 per cent cut to his base salary, from $718,500 to $359,250, for one year. However, Farrell's salary will be reviewed next February, "provided that it shall be no lower than $718,500 per year commencing on February 13, 2013."

To avoid being delisted from the NASDAQ stock exchange the publisher has until July 23 to get its share price over $1 per share for at least 10 consecutive days. THQ stock is currently listed at around 70 cents per share.