THQ Delays Its Entire Upcoming Line-up, Seeks Additional Capital
Posted by Sammy Barker
Things sure aren't looking particularly rosy for troubled publisher THQ. Despite cutting its operating losses to $19 million compared to last year's terrifying $97 million, the company still can't catch a break. During a financial briefing earlier this evening, the organisation reported net sales of $107 million – before delaying its entire upcoming line-up.
Despite previously having a 5th March release date, South Park: The Stick of Truth will now launch in “early fiscal 2014” (anywhere from 1st April, 2013), while Metro: Last Light will arrive “later than expected” in March. President (and former Naughty Dog man) Jason Rubin said that the delays reflect THQ's commitment to quality: “Our fourth quarter releases are the first titles that I have had the ability to materially impact, and experience told me that the games needed additional development time to be market-ready.”
Unfortunately, they leave the company without any firm releases planned for the time being – and desperate for funding from outside investors. “The calendar movement for the release of games will likely create a need for additional capital,” a report stated. “THQ has engaged Centerview Partners LLC to assist the company in evaluating strategic and financing alternatives intended to improve THQ's overall liquidity, including raising additional capital, preserve the company's ability to bring the best possible games to market during the most advantageous release windows and to help address the $100 million 5% convertible senior notes due August 2014.”
This could get disappointingly ugly.