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Tuesday, Aug 9, 2022
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THQ CEO Outlines Plans for Company

After reporting that his company swung to an annual loss, THQ Inc.’s chief executive, Brian Farrell, outlined his plans to restore profitability, including 200 layoffs.


Farrell said the company will be realigning its cost structure, including a company wide plan to reduce infrastructure and reduce overall headcount across its various studios around the world. Farrell said the staff reductions will be mostly developers with “last-gen” skill sets focused on such older platforms as Sony’s PlayStation 2.


Farrell added during a conference call with investors Tuesday afternoon that THQ’s performance was the “first time in many years” the company did not deliver profit and added that the many challenges are facing the Agoura Hills-based video game developer faced in 2007.


The company must also prepare a more competitive slate of titles for the coming year and added the company needs to bring in new management talent to spur product development, company executives said.


Shares in THQ closed down 6 percent to $19.14 on Wednesday.

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