Home / Channel / THQ files for bankruptcy

THQ files for bankruptcy

In what is unlikely to be a surprise for anyone at this point considering the downward turn the publisher has taken in the past year, THQ has filed for bankruptcy. Fortunately though, it already has a buyer that is willing to keep all staff on and continue all current game developments.

The company behind the $60 (£36) million buyout is investment firm, Clearlake Capital Group and it’s pledged to secure interim financing for the studio so that game development can continue without interruption. This means that games like Company of Heroes 2 are safe, as well as South Park: Stick of Truth, Metro Last Light and Saints Row: Enter the Dominatrix.

THQ
THQ struggled throughout 2012, with unfinished projects and game delays leading to falling stock prices

“The sale and filing are necessary next steps to complete THQ’s transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ’s deep bench of talent,” said THQ CEO Brian Farrell.

“We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. 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.”

Despite having a multitude of financial and development problems in the past 12 months, THQ made a quick few million this month with its Humble THQ Bundle, where it offered a slew of back catalogue titles on the pay what you want model.

KitGuru Says: This sort of thing is usually a shame, but it sounds like it could be just what the company needs. No one is getting fired and all games are continuing on track.

Become a Patron!

Check Also

VIP Computer Centre will distribute ZALMAN tech in the UK

Zalman has been around for a long time now but the company’s UK presence is …