As it turns out, this is (probably) much ado about nothing. We've got an official statement from the publisher rebuking the story. Said THQ, "Today, we advised our staff of a restructuring of our wireless subsidiary in Europe. That's all that has happened." N-Europe has also updated a retraction to the story. False alarm, folks, go back to your Spongebob games.
* Feel free to substitute with axed, sacked, made redundant, karate chopped, etc.