“Today the Court approved the sale of several of THQ’s assets,” the memo begins. “While some THQ employees are expected to be offered employment by the new owners, some positions will no longer be needed under the company’s new structure. We regret that your position is included in this latter category.”
Right now, there’s no guarantee that THQ employees will receive any kind of severance or compensation for vacation time accrued and not used before the company filed for bankruptcy in December. “We are actively working with the Creditors’ Committee and as soon as we have an answer, we will send out a separate communication,” THQ explains to employees.
THQ will not be offering transitional services or job training, though it is “compiling personal email addresses from all affected employees so we may forward contract recruiters’ contact information should you be interested in contacting them directly.” Employees will still receive a W-2 in order to pay taxes. Employees working in America with a visa sponsored by THQ are told to contact an HR representative “as each situation is unique.”
HQ stock will be worthless as of today, but employees will still be able to access the balance of their 401k account. “While the contributions you make with every paycheck will cease to be made after the date of your last paycheck from THQ, the money in your 401k plan account is held in a trust and is protected,” THQ explains. “Please note that any unvested balance in your 401k plan account will become fully vested as of your termination date.”
THQ explained on Wednesday that it "will continue to employ a small number of headquarters staff beyond January 25 to assist with the transition." It’s unclear how many employees this includes, but two are identified by name in the memo.
The majority of THQ’s assets were acquired by various other publishers earlier this week. The last of THQ’s back catalog and unsold intellectual property will be sold in a separate process in the coming weeks.
A list of jobs currently open in the industry has been compiled for THQ employees and is available in this document.