Latest THQ reorg will ditch 240 staff

240 staff from THQ will be impacted by its latest restructuring – over ten per cent of staff.

In an SEC filings this evening, the firm detailed how the previously announced withdrawal from the kids’ licensed games market will hit its business.

The resulting restructuring, the firm says, will "appropriately adjust the Company’s operating expenses to better align with the expected revenues under the updated strategy"

It adds: "The restructuring plan involves a realignment of the organizational structure resulting in reductions of up to 240 selling, general and administrative personnel worldwide."

THQ currently employs around 1,700.

The majority of the restructuring plan is expected to be implemented within the next two months, by March 31, with the remainder completed by September 30, 2012.

THQ said that the reorg will incur costs of $11.0 million, primarily severance costs for affected employees of around $8.0 million.

Meanwhile, the firm also confirmed CEO Brian Farrell was taking a paycut this year, reducing his yearly salary down from $718,500 to $359,250.