Login | Signup

THQ Selling Games & Assets, Files For Bankruptcy

Jonathan Lester
Bankruptcy, Financials, THQ

THQ Selling Games & Assets, Files For Bankruptcy

In-Development Games & Jobs Are Safe

Embattled publisher THQ has put "all" of its games, assets and branding up for auction to a private investment firm. Though they've filed for bankruptcy to smooth the transition and make for an easier sale, they've assured shareholders and gamers alike that this move won't affect the games in development. Or the people making them.

“All of the company’s studios remain open, and all development teams continue", reads the press release, which explains that Clearlake Capital Group will act as a "stalking horse bidder" who will acqire the company for $60 million if a better offer isn't forthcoming. "The company remains confident in its existing pipeline of games. THQ maintains relationships with some of the top independent development studios around the globe. As part of the sale, the company is seeking approval to assume the contracts of these studios, and Clearlake will assume these contracts.”

Brilliantly, "THQ does not intend to reduce its workforce as a result of the filing, and employees will continue to work their usual schedules and receive normal compensation and benefits, pending customary Court approval."

Development of Company Of Heroes 2, Metro: Last Light, and South Park: The Stick Of Truth will continue unabated, while the studios will persist in their current state.

CEO Brian Farrell suggests that the sell-off and bankruptcy filing are "necessary next steps to complete THQ's transformation and position the company for the future." "We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition," he explained. "We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible."

"We have incredible, creative talent here at THQ," president Jason Rubin concluded. "We look forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels.”

Add a comment0 comments

Email Address:

You don't need an account to comment. Just enter your email address. We'll keep it private.