News Article

THQ Selling Assets, Files for Chapter 11 Bankruptcy

Posted by Sammy Barker

Oh no

The writing’s been on the wall for a while, but publisher THQ has filed for Chapter 11 bankruptcy today. The company’s currently in the process of selling all of its assets to Clearlake Capital Group, a private equity firm. Once complete, Clearlake will control “THQ's operating business, including THQ's four owned studios and games in development”.

"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," explained THQ's CEO Brian Farrell in a press release.

"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."

The company expects the sale to be finalised within the next 30 days. In the meantime, it will continue to operate as normal, with no redundancies planned. The firm emphasised that the bankruptcy procedure will not have an impact on any of its in-development titles.

[via finance.yahoo.com]

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User Comments (6)

get2sammybAdmin

#1

get2sammyb said:

I've always liked THQ. I sincerely hope that they can pull through this. They have some great IP.

Epic

#2

Epic said:

@get2sammyb They will find a way normaly when this types of transsision occurs they will just try to change their image and change few employees.

Im looking foward to the next deBlob (I mostly play this game for its awesome music), and someday I will get Darksiders 2 but now i must renew my PS+ subscritption.

Gamer83

#5

Gamer83 said:

Not looking good for THQ which is too bad I actually do enjoy some of their games. I can do without some of the licensed junk but Saints Row and DarkSiders are great franchises and every once in a while they put out a great WWE game like this year.

rjejr

#6

rjejr said:

FYI - In America, bankruptcy just means " we aren't going to pay any of our bills or employees what we owe them". It's hard to find a company in America that HASN'T declared bankruptcy recently, just ask Donald Trump.

Too bad they weren't "too big to fail" or the gov't would have just given them all the money they wanted.

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