Agoura Hills, Calif. - Video game publisher THQ (NASD: THQI) has announced that it will shutter its Concrete Games studio, cancel production on several new titles and discontinue its "Stuntman" and "Juiced" franchises, as it attempts to strengthen its development of high-quality games.

The company said it will record charges of $27 million related to the cancellation of development on "Frontlines: Fuel of War" and "Destroy All Humans: Big Willy Unleashed"; in addition to two unannounced titles for Xbox 360 and PlayStation 3 scheduled for release in 2010; and the deletion of the underperforming Juiced and Stuntman franchises.

THQ said it expects a substantial number of Concrete Games employees will be offered positions in its other studios.

"In October, we announced certain product quality initiatives, including personnel and structural changes in product development and a more rigorous internal and external product evaluation and feedback process," said THQ president and CEO Brian Farrell.

"Consistent with these initiatives, we have taken actions to strengthen our pipeline and position ourselves to compete aggressively with compelling, high quality games."

THQ also lowered its fiscal third quarter profit outlook and fourth quarter revenue projections; its shares plunged over 23% to a two-year low in trading on Thursday.

Related Links:
http://biz.yahoo.com/bw/080123/20080123006403.html?.v=1

http://www.thq.com