THQ to axe 17% of entire workforce

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According to a report by Shacknews, THQ will be sacking 17 percent of its entire studio staff – or 250 people (approx.) – under a new “strategic plan", which would also see the firm focusing on “fewer, higher quality titles.” This comes as news that it would shutdown five internal game studios, including Mass Media, and Paradigm.

As well, it will cancel several titles under development, but were not announced publicly; citing a “cautious” retail environment and the exchange rates.

“We are aligning our business to be more competitive in key consumer segments and address the current business environment. We expect the combination of a much more focused and competitive product line with a more efficient cost structure to put THQ back on the path to growth and profitability in fiscal year 2010," said CEO Brian Farrell.