Janco Partners analyst Mike Hickey, speaking with the LA Business Journal, has stated his belief that publisher is facing up to the very real possibility of bankruptcy.

Hickey says that there is a 50-50 chance of THQ going under, blaming the firm's struggles on below-pars games. THQ, meanwhile, have already announced 600 redundancies, having lost 200 million USD at the end of 2008.

THQ could also be a target for a take-over, says Hickey, who believes 'mediocre' products are a sign of a game maker struggling.

"I know that makes for good print and sells newspapers, but those aren’t the kind of things we focus on right now," CEO Brian Farrell responded.

"When the stock price is depressed, the naysayers can have their day in the sunshine. But we have a plan that we're very confident will give us cash and return the company to profitability."

By Luke Guttridge