Gaming company THQ files for bankruptcy

Game maker THQ has filed for Chapter 11 bankruptcy, with its assets being sold to private equity firm Clearlake Capital Group for $60 million.

The company's stock fell 73 percent today to finish at $0.35 cents.

Last month, the company admitted it was seeking "strategic financing alternatives" as it bled cash.

Clearlake will acquire all of THQ's studios and all games in development. Additionally, the bankruptcy and sale will let the company "shed certain legacy obligations and emerge with the strong financial backing of a new owner with substantial experience in software and technology."

THQ is best known for its WWE wrestling games and the extremely popular "Saints Row" franchise.

Written by: Andre Yoskowitz @ 19 Dec 2012 23:00

Schmick

Well that explains the THQ Bundle...

^ PEBKAC ^

19.12.2012 23:23 #1

Notcow

What a shame, what a shame.

20.12.2012 02:02 #2

SomeBozo

They deserve it. One of my favorite games was published by them and they did nothing to ruin the game. The game company wanted to fix and patch problems in the game, but thq refused to allow the company to fix it. In the contract thq held exclusive rights to allow updates and it seemed thq and the other company had a falling out and thq did whatever they could to make the other company feel the pain...

If thq goes bye-bye, everyone involved would benefit.

20.12.2012 04:00 #3

ClownShoes (unverified)

Really SomeBozo?

Any links to your story, any evidence at all? What was this game that they ruined? I hate to be skeptical, but I call BS on that one.

THQ are one of the better publishers and it is definitely a shame to see them going the way of the Dodo.

Goodbye and thanks for all the fish.

20.12.2012 06:01 #4

Tazer247

I donated most of my bundle purchase to them. Sad to see it didn't help lol.

20.12.2012 09:38 #5

KillerBug

I'll miss Saints Row...hopefully someone picks up the franchise.

20.12.2012 09:44 #6

Qliphah

Well I did everything I could, bought the Saints pack on steam a month ago for $12.50 and the THQ bundle for uhh I forget, probably about $10.... OK, maybe I'm starting to see why they went bankrupt.

@Originally posted by ClownShoes: Any links to your story, any evidence at all? What was this game that they ruined? I hate to be skeptical, but I call BS on that one. I'm not certain but he may be talking about Red Faction. The first game was a still-born multiplayer only mess. The engine was there, full destructible terrain, tesla towers in a FPS!, but the online bit wasn't supported or patched for years. I think fans finally hacked the patch together.

21.12.2012 11:40 #7

hearme0

I believe they made Metro 2033. One of the best games I have ever played.

21.12.2012 11:58 #8

Tazer247

Originally posted by hearme0: I believe they made Metro 2033. One of the best games I have ever played. Yes and I thought they were releasing the sequel soon too.

21.12.2012 12:02 #9

LeeC22

@ClownShoes... perhaps some time in the games industry would educate you and your scepticism. Publishers are notoriously a bunch of idiots with a cheque book.

THQ should have gone bump years ago... They did serious damage to the reputation of a company I worked for, when they released a pre-release version of a Gameboy Colour game to manufacture. The version of the game had a show-stopping bug in it, and it should never have been released... especially as it was before the project deadline. But they didn't give a sh*t, and denied all responsibility, leaving users with an unfinishable game, and us to deal with the backlash.

Also turned out that the version that turned up on torrent sites, was the exact same bugged version, as we downloaded it and compared code versions.

I feel pity for the genuine workers, but the management deserve every hardship they get... w****rs!

21.12.2012 19:10 #10

adre02

Originally posted by LeeC22: @ClownShoes... perhaps some time in the games industry would educate you and your scepticism. Publishers are notoriously a bunch of idiots with a cheque book.

THQ should have gone bump years ago... They did serious damage to the reputation of a company I worked for, when they released a pre-release version of a Gameboy Colour game to manufacture. The version of the game had a show-stopping bug in it, and it should never have been released... especially as it was before the project deadline. But they didn't give a sh*t, and denied all responsibility, leaving users with an unfinishable game, and us to deal with the backlash.

Also turned out that the version that turned up on torrent sites, was the exact same bugged version, as we downloaded it and compared code versions.

I feel pity for the genuine workers, but the management deserve every hardship they get... w****rs!
Do you have any links to this info?

This is superman

22.12.2012 01:49 #11

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