THQ Files for Bankruptcy 0

THQ-bankruptcy

Some gamers know THQ as the company behind Red Faction and Saints Row, but us fans of Wrestling games know them for their exceptional work on the WWF/WWE license. However, it seems like releasing quality wrestling games every year is not enough to keep the company afloat, as THQ has just filed for Chapter 11 bankruptcy protection while they reorganize. The current stalking horse bidder is private equity firm Clearlake Capital Group, with $60 million being offered for a substantial portion of the developer/publisher’s assets:

From THQ’s CEO, Brian Farrell:

“THQ will continue operating its business without interruption during the sale period.

All of the company’s studios remain open, and all development teams continue. Consumers and retailers should see no changes while the company completes a sale. The new financing will support business operations throughout the period. THQ does not intend to reduce its workforce as a result of the filing.

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”