AfterDawn: Tech news

Gaming company THQ files for bankruptcy

Written by Andre Yoskowitz (Google+) @ 19 Dec 2012 23:00 User comments (11)

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.

Previous Next  

11 user comments

119.12.2012 23:23

Well that explains the THQ Bundle...


^ PEBKAC ^

220.12.2012 2:02

What a shame, what a shame.

320.12.2012 4:00

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.

420.12.2012 6:01
ClownShoes
Unverified new user

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.

520.12.2012 9:38

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

620.12.2012 9:44

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



721.12.2012 11:40

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.
This message has been edited since its posting. Latest edit was made on 21 Dec 2012 @ 11:41

821.12.2012 11:58

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

921.12.2012 12:02

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.

1021.12.2012 19:10

@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!

1122.12.2012 1:49

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

Comments have been disabled for this article.

Latest news

A bug in Chrome allows you to download Netflix movies A bug in Chrome allows you to download Netflix movies (25 Jun 2016 15:21)
A group of security researchers have found a vulnerability in Google's Chrome browser that allows downloading movies straight from Netflix. This is obviously not a feature especially the entertainment ....
2 user comments
Three out of four Netflix customers would rather cancel than watch ads Three out of four Netflix customers would rather cancel than watch ads (25 Jun 2016 14:05)
For a long time Netflix was adamant on its pricing. No changes were made for a long time and everything seemed to be good. The markets obviously reacted and more expensive deals and original ....
3 user comments
Apple Music left in the dust, Spotify at 100 million subscribers Apple Music left in the dust, Spotify at 100 million subscribers (25 Jun 2016 12:01)
Spotify has told The Telegraph that it has surpassed the 100 million mark in subscribers. Paying subscribers was earlier this year reported to have passed 30 million. Apple meanwhile is having ....
2 user comments
Rumor has it that Apple has cancelled iPhone's dual camera Rumor has it that Apple has cancelled iPhone's dual camera (18 Jun 2016 18:05)
The next iPhone will be a major upgrade to current iPhone 6s. This biyearly full upgrade cycle provides us with a bigger upgrade every two years. But how will Apple update its number one product, ....
6 user comments
OnePlus releases new flagship killer, smaller X discontinued OnePlus releases new "flagship killer", smaller X discontinued (18 Jun 2016 16:11)
The small Chinese smartphone maker OnePlus took the world by storm two years ago by releasing a super cheap flagship smartphone. They called it the flagship killer, and it indeed challenged ....
4 user comments

News archive