Quantcast
THQ has filed for Chapter 11 bankruptcy - Destructoid

DestructoidJapanatorTomopopFlixist




THQ has filed for Chapter 11 bankruptcy photo
THQ has filed for Chapter 11 bankruptcy

1:20 PM on 12.19.2012

It's the headline that seemed all too inevitable


THQ has entered into an Asset Purchase Agreement with stalking-horse bidder Clearlake Capital Group "to acquire substantially all of the assets of THQ's operating business, including THQ's four owned studios and games in development," it was announced today in a press release. The publisher has filed for Chapter 11 bankruptcy in Delaware.

Subject to Court approval, the company will continue day-to-day business operations as usual during the sale period. "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 chairman and 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."

President Jason Rubin commented that "We have incredible, creative talent here at THQ. 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."

With Clearlake starting the bidding process, THQ is asking the Court "for a schedule to complete the sale process in about 30 days. The publisher "does not intend to reduce its workforce as a result of the filing."






Comments not appearing? Anti-virus apps like Avast or some browser extensions can cause this.
Easy fix: Add   [*].disqus.com   to your software's white list. Tada! Happy comments time again.

Did you know? You can now get daily or weekly email notifications when humans reply to your comments.








Win your choice of console from Destructoid! in Destructoid's Hangs on LockerDome

Developer stuff

5:00 PM on 08.18.2014
A Sacred 3 developer apologizes for the game

Sacred 3 wasn't a very well received game; I felt it was an average and uninspired hack-'n'-slash game with some terrible attempts at humor. Comments on my review either sided on "hey, it's not too bad in co-op," to "this is ...more



10:00 PM on 08.12.2014
Oh hey! You can be playing the new Unreal Tournament RIGHT NOW

Epic is making the big leap by embracing live and open development with the new Unreal Tournament. We're seeing this game getting built from the ground up and as it turns out, you can be playing it right now!  This NeoGA...more



4:45 PM on 08.07.2014
Mass Effect executive producer Casey Hudson leaves BioWare

Mass Effect series executive producer Casey Hudson has parted ways with his long-time employer BioWare. He's been at the company for nearly 16 years and previously worked on Star Wars: Knights of the Old Republic as project d...more



View all Developer stuff






Back to Top




All content is yours to recycle through our Creative Commons License permitting non-commercial sharing requiring attribution. Our communities are obsessed with videoGames, movies, anime, and toys.

Living the dream since March 16, 2006

Advertising on destructoid is available: Please contact them to learn more