THQ to cut $220 million in spending for the year

THQ said this week that its plans to cut $220 million in spending for the just-started financial year are now in action.

The shutting down five internal studios, laying off a quarter of THQ's workforce, trying to sell off Big Huge Games, and making Heavy Iron and Incinerator Studios defunct are all known measures.

The firm is also counting on Darksiders, Red Faction, and UFC to help line the company wallet; while changing its overall focus from quantity to quality.

To cement this new motto, THQ has halved the number of games it would normally release fro this year, says this Gamespot report.

"We have executed on our previously announced business realignment actions," said president and CEO Brian Farrell.

"Our goal is to return to profitability and generate positive cash flow in fiscal 2010, and to position THQ for long-term sustainable and profitable growth."

It was revealed earlier in the week that THQ tentatively plans to release Red Faction 4, Saint’s Row 3, and Warhammer 40K MMO in 2010.