While it was revealed and confirmed that THQ was to close five internal studios and make staff cuts at two additional studios, the extent of the lay offs hadn’t yet become clear.

It’s now been revealed that 17% of THQ staff, roughly 250 THQ employees, will lose their jobs, on the back of a net loss of $115.3 million for its fiscal second-quarter, compared to $7 million last year. Net sales were down to $164.8 million from $229.3 million during the same period last year. The job losses will apparently save $100 million in development costs over the next fiscal year.

THQ also revealed that two of their upcoming titles, Red Faction: Guerilla and Darksiders: Wrath of War, have been delayed until the fiscal year ending March 2010. Good news is that Saints Row 2 has shipped over 2 million units, while THQ has struck a new deal to launch WWE Online (a working title) in Asia in 2010, while news of a new franchise, Dragonica, has come to light, a free-to-play, micro-transaction-based MMOG set to launch in North America in 2009. Additionally, THQ are to set up a new office in Shanghai, China, with the aim to explore business opportunities there.

THQ president and CEO, Brian Farrell said “We have made substantial progress in improving product quality and innovation, as evidenced by recent shipments of several well-reviewed games including de Blob and Saints Row 2. We are aligning our business to be more competitive in key consumer segments and address the current business environment. We expect the combination of a much more focused and competitive product line with a more efficient cost structure to put THQ back on the path to growth and profitability in fiscal year 2010.”