“Despite having fully achieved the original merger integration savings objectives of Nokia Siemens Networks, changes in the global economy and competitive environment make further cost reductions necessary,” the company said.

THQ CEO Brian Farrell said in a statement that the company’s goal is to return to profitability and generate positive cash flow in the March 2010 fiscal year, and to position the company for long-term sustainable growth.

The company said March quarter results will include $45 million in “realignment expenses,” including $4 million in cash costs. The restructuring includes cutting its SKUs by about 20 percent and closing or selling four of its game development studios. The plan: producer fewer, better games.

Kaufman Bros. analyst Todd Mitchell this morning pounded the table on the stock, repeating his Buy rating and $6 target price, and asserting that there are near-term catalysts ahead for the stock. Weirdly, the note actually says that the company will “soon announce its restructuring is complete,” and of course they announced exactly that this morning. (He should have issued the note a day earlier, I’d say.)

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Last year, New York Times (NYT) executive editor Bill Keller told the newspaper’s newsroom that he would try very hard to not fire any of them, despite the paper’s worsening financial health. But he didn’t say anything about pay cuts.

The Times today announced that it would be cutting salaries of its nonunion employees from 2.5 percent to 5 percent and that it would be asking for “similar” cuts from its unionized newsroom employees “in a spirit of shared sacrifice and as a way to otherwise avoid layoffs in the newsroom.”

Translation: Cut your salaries or we’ll cut your jobs.

In addition, the Times has canned 100 people from the paper’s business operations. The sweetener: Those who get their salaries slashed also get extra vacation days.

The Times hasn’t officially unveiled its request/demand for givebacks from its unionized newsroom, but plans to do so this afternoon.

Here’s the internal memo:

Dear Colleagues,

As you know, the global economic crisis is taking its toll on a broad range of businesses and sectors, here in the U.S. and around the world. We have reported in our own newspapers and on our own Web sites that the economy is likely to continue struggling throughout this year and possibly longer.

Given this economic outlook and the changes occurring in the media business, we, regrettably, must take even more steps to lower costs. We have been, and continue to, reorganize and reduce our staff, which means we are saying goodbye to many of our close colleagues. Now, in addition, we are lowering salaries through the end of this year for all remaining nonunion employees and, in exchange, providing additional time off. We plan to approach the Newspaper Guild in New York to ask for its participation in the program and to continue working with our unions in Boston and our other locations on lowering our costs, including wage reductions.

The salaries of all employees at The New York Times Media Group (with the exception of the IHT, which is working on other cost reduction measures), The Boston Globe, Boston.com and Corporate in New York will be rolled back by 5%, starting this April, and these employees will receive 10 additional days off to use before the end of the year.

At the About Group, Baseline, Globe Direct, International Media Concepts, Regional Media Group, Shared Services Center and Worcester Telegram & Gazette, the approach is similar, with salaries being rolled back by 2.5% with five additional days off. We made the distinction between the two groups by taking into account location and other factors. Next year, we plan to return salaries to their current levels. Of course, such a decision depends on the state of our business.

Many of you will have questions about these actions. Your manager or department head has been briefed with more details and is your best source of information.

This was a very difficult decision to make. The environment we are in is the toughest we have seen in our years in business. Across our Company, you and your colleagues have worked hard to introduce innovative products and services, reduce expenses and improve productivity. We are deeply grateful for your efforts and proud of your achievements. As we take these painful steps together, we remain confident that our great Company will keep moving forward to better times.

Sincerely,

Arthur & Janet

What it meant to say was that it planned to sack 1,900 employees during the fourth quarter of 2008, as evidenced today by the company’s announcement that it will lay off 400 more employees than originally expected this year. It should be noted, though, that these positions are part of the cost cutting actions previously announced in October.

“On December 23, 2008, the Company approved certain additional plans relating to these cost-reduction initiatives,” Motorola said in an SEC filing. “These additional actions, plus other actions approved since October 30, 2008, relate to the termination of approximately 400 employees, resulting in additional pre-tax severance charges of approximately $25 million in the fourth quarter of 2008.”

What a nasty shock for those 400 employees who thought their jobs would survive through to the new year, eh? The elimination of their positions brings the total number of employees laid off at Motorola to about 12,000 since the beginning of 2007. 2009 isn’t looking too promising for the struggling handset maker, which is already heading into the new year with a junk credit rating amid a chorus of analyst skepticism.

What would I do? I’d shut it down and give the money back to the shareholders.”

– Michael Dell explains what he’d do were he CEO of Apple (AAPL), circa 1997

Weakening economic conditions have forced Dell (DELL) to add a new benefit to its already tenuous employee salary packages: a week of unpaid leave. In an effort to “better position the company for long-term competitiveness,” the company is asking workers to consider taking five days off without pay–the theory being that five days off without pay is better than six months off on unemployment in a lousy economy.

“[Our goal] is to address costs in creative ways, in a way that gives our employees more choices than perhaps have existed in the past,” said spokesman David Frink. “We’re looking to use voluntary cost reduction options whenever possible so fewer involuntary actions would be necessary.”

A foreboding announcement from Dell, which has already reduced headcount by about 10 percent (8,900 employees) this year. ’Course, if this initiative doesn’t work out, CEO Michael Dell could always shut down the company and return the money to the shareholders. …