THQ Announces $220 Million in Cuts for 2010
Post by Supervirus , 2009-04-02 20:05:44 Source： Gamedaily Editor：ShirleyTags： THQ
Today, THQ revealed that it has "substantially completed" its plan to reduce spending by $220 million for fiscal 2010. The company expects to pay $45 million in non-GAAP business realignment expenses during Q4 2009. THQ expects to spend roughly $10 million after projects finish and facilities are closed.
"We have executed on our previously announced business realignment actions," said Brian Farrell, THQ president and CEO. "Our goal is to return to profitability and generate positive cash flow in fiscal 2010, and to position THQ for long-term sustainable and profitable growth."
"We are confident in achieving these goals based on our focus on key market opportunities, our robust franchise portfolio and our dedicated and talented employee base," said Farrell. "We look forward to demonstrating success with our upcoming fiscal 2010 releases, including UFC 2009: Undisputed, Red Faction Guerrilla and Darksiders."
A recently announced loss of $192 million forced THQ to cut jobs in its wireless division, Q&A facility, spin off two studios and reduce payroll at Big Huge Games.
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- •THQ Announces $220 Million in Cuts for 2010
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