Note: iOS 9 + Facebook users w/ trouble scrolling: #super sorry# we hope to fix it asap. In the meantime Chrome Mobile is a reach around
hot  /  reviews  /  videos  /  cblogs  /  qposts

THQ has filed for Chapter 11 bankruptcy

1:20 PM on 12.19.2012 // Jordan Devore
  @DtoidJordan

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."



Jordan Devore, Managing Editor, Co-EIC
 Follow Blog + disclosure DtoidJordan Tips
Jordan is a founding member of Destructoid and poster of seemingly random pictures. They are anything but random. Disclosure: I backed Double Fine Adventure and Awesomenauts: Starstorm on Kickst... more   |   staff directory





 Setup email comments

Unsavory comments? Please report harassment, spam, and hate speech to our community fisters, and flag the user (we will ban users dishing bad karma). Can't see comments? Apps like Avast or browser extensions can cause it. You can fix it by adding *.disqus.com to your whitelists.

 Quickposts
Status updates from C-bloggers

Nekrosys avatarNekrosys
Initial impressions on the new Digimon PS Vita game: Has Guilmon. I'll give it a Guilmon/10. Guilmon of the Year 2016. That means it's good.
Larxinostic avatarLarxinostic
Coming soon: the cat-waifu game of our steamy dreams. [img]http://i.imgur.com/UPjQCI4.png[/img]
Fuzunga avatarFuzunga
They should make a Lego version of LoL just so they can call it Lego Legends.
Parismio avatarParismio
Its time for:
Nekrosys avatarNekrosys
If I were to develop a mobile game, I think I'd call it Nekro Atsume.
Parismio avatarParismio
TheBlondeBass avatarTheBlondeBass
The ultimate waifu has been decided scientifically. There is no need to participate in the waifu wars any longer. (I won't tell you who it is until I make my own post of course)
ThePlotHoles avatarThePlotHoles
After being a Dtoid member for more than five years, finally wrote my first real blog post. Thoughts appreciated! http://www.destructoid.com/blogs/ThePlotHoles/-fire-watch-out-moving-past-our-sensitivity-for-spoilers-340096.phtml
Mike Martin avatarMike Martin
Spent all weekend sick. Missed this show. Ive been wanting to see some Death Magnetic live too. Oh well. Next time. Mainly this song.
Jinx 01 avatarJinx 01
Looks like Titanfall is getting a TV show... not sure why but okay I guess lol. Link in comments.
TysonOfTime avatarTysonOfTime
I'm starting to get really excited for the approach of the new FE games! I'm going to revisit Awakening. Are any of the DLCs worth it at all? (AKA what's the deal with the Future Past DLC?)
Niero Desu avatarNiero Desu
Gametrailers 2002-2016 :(
ikiryou avatarikiryou
When the waifu addiction gets out of control
Jed Whitaker avatarJed Whitaker
It is my father fuckin' birthday. I'm 29 today, now and forever. Everyone knows you stop ageing at 29.
JohnSmith123 avatarJohnSmith123
Street Fighter 5 is coming out soon umm Dibs
SeymourDuncan17 avatarSeymourDuncan17
Too lazy to put all my favorite Pokemon/Personas/Demons in one image, but Shadow Chie is yet another favorite of mine. DOMINATRIX BANANA HEEEEEEAD! :3
True Green Sphere avatarTrue Green Sphere
I like it when comments suddenly spark new blog ideas in your mind.
Larxinostic avatarLarxinostic
PSA to the collective Waifu / Pokemon / SMT War combatants. [img]http://i.imgur.com/b4nZwbQ.png[/img]
Nekrosys avatarNekrosys
Downloading Digimon Story: Cyber Sleuth. It feels a little weird to be installing a game on the Vita that isn't porn, if I'm being perfectly honest.
Dreamweaver avatarDreamweaver
There's gonna be enough copies of both Fire Emblem: Birthright and Fire Emblem: Conquest that I shouldn't really feel the need to preorder them at Best Buy, right? I want to get both versions (I buy physical only) and I'm worried they won't have enough.
more quickposts


Contest!


Seriously

Invert site colors

  Dark Theme
  Light Theme


Destructoid means family.
Living the dream, since 2006

Pssst. konami code + enter

modernmethod logo



Back to Top


We follow moms on   Facebook  and   Twitter
  Light Theme      Dark Theme
Pssst. Konami Code + Enter!
You may remix stuff our site under creative commons w/@
- Destructoid means family. Living the dream, since 2006 -