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About Rainier

PC gamer, WorthPlaying EIC, globe-trotting couch potato, patriot, '80s headbanger, movie watcher, music lover, foodie and man in black -- squirrel!

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THQ Confirms Multiple Studio Closures, Layoffs

by Rainier on Nov. 3, 2008 @ 2:07 p.m. PST

This morning, Wedbush Morgan's Michael Pachter sharply lowered the annual price target for THQ, similarly to what he did last week with EA before they announced increased loss and pending payoffs, indicating that the Calabasas publisher's upcoming financial result (Nov. 5) might be less rosy than expected. Earlier today, it was rumored that THQ might close several of its studios, which has now been confirmed to us by its PR. Paradigm Entertainment, Mass Media, Helixe, Locomotive Games and Sandblast Games have all been shuttered, while Juiced Games reportedly and Rainbow Studios laid off part of their staff.
This morning, Wedbush Morgan's Michael Pachter sharply lowered the annual price target for THQ, similarly to what he did last week with EA before they announced increased loss and pending payoffs, indicating that the Calabasas publisher's upcoming financial result (Nov. 5) might be less rosy than expected. Earlier today, it was rumored that THQ might close several of its studios, which has now been confirmed to us by its PR. Paradigm Entertainment, Mass Media, Helixe, Locomotive Games and Sandblast Games have all been shuttered, while Juiced Games reportedly and Rainbow Studios laid off part of their staff.
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