Following  a slew of rumours yesterday, and warnings that the company might be delisted from the NASDAQ stock exchange, the company has announced that it has cut a whopping 240 jobs. According to a regulatory filing, the redundancies will go into effect before September, with the vast majority to be completed by as soon as the end of March. The company's expected to stump up $8 million in severance pay-outs.

It's not just the people at the bottom of the company that are taking the hit though; THQ has confirmed that president Brian Farrell has accepted a 50% cut to his salary active from February 13th, bringing his yearly earnings down from $718,500 to $359,250.

Not great times for THQ, then. Obviously we wish the very best to all those affected by this news. Hopefully the company can pick itself back up; we couldn't imagine a world without THQ.