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THQ slashes staff numbers by a quarter
THQ announced dismal third quarter results today and announced plans to reduce headcount by 24%, representing approximately 600 jobs.
The additional savings planned:
- $70 million in development through headcount reductions and “studio dispositions”
- $30 million in sales, marketing and corporate through headcount reductions.
These savings of $100 million are on top of $120 million announced last year when THQ cut 250 staff and closed five studios.
It makes sense to trim out the deadwood and the fat. However, losing such a large proportion of staff (over 850 people now) runs a significant risk of throwing out the baby with the bathwater. It also seems ominous that the cuts seem to be falling dispropotionately in development (unless THQ plans to ramp up its third part development projects to compensate).
600 redundancies added to the Job Loss Tracker.