THQ recently announced it would be shifting its attention away from the Red Faction and MX vs. ATV franchises. Those aren’t the only major changes going on in the company. THQ is also moving away from games based on movies and licensed kid’s titles. These changes also resulted in two THQ studios closing in Australia and the dismissal of a development team in Phoenix, Arizona.

A wildfire of reports have been released announcing that THQ will be closing up to five studios and will be making more cuts later this week, presumably today (November 5, 2008) during the company’s quarterly reports call.

Reasons for the giant blow are linked to dropping share values and internal problems, similar to that of Electronic Arts.

Gamasutra first reported THQ’s problems with the closing of…