Thq sells games

And I still feel that way. While much will be written, here are the facts of the bids and auction that occurred:. During an auction process that lasted over 22 hours, the final conclusion was that the separate-asset bids would net more than a single buyer for the majority of the company. Shortly, we will, present the results to the U.

Bankruptcy Court, which must concur with our assessment. The proposed sales of multiple assets is as follows:. Some assets, including our publishing businesses and Vigil, along with some other intellectual properties are not included in the sale agreements.

They will remain part of the Chapter 11 case. We will make every effort to find appropriate buyers, if possible. We expect that most employees of the entities included in the sale will be offered employment by the new owners. However, we cannot say what these owners may intend, and there will likely be some positions that will not be needed under the new ownership. You should receive notice this week or early next week if the new owners intend to extend employment to you. However, it wasn't enough and this week THQ was left with no choice but to file for bankruptcy, as it was the only way the company could carry on into in any reasonable state.

THQ boss Brian Farrell is quoted as saying, "The sale and filing are necessary next steps to complete THQ's transformation and position the company for the future. Were you a fan of THQ's games? Or does the ailing publisher need to do something different in order to survive in the future? Let me know in the comments, or on our Facebook wall. Bankruptcy Court still has to approve the proposed sales, a letter from THQ CEO Brian Farrell to the company's employees , published on Kotaku and elsewhere, treats the auction results as all but a foregone conclusion at this point.

THQ is laying off all employees whose divisions were not part of the sale, retaining only a small staff to guide what remains of the company through the remainder of the Chapter 11 proceedings. THQ, established in to produce toys and videogames, had a well-deserved reputation in the early days for cranking out mostly licensed games and shovelware.

A few of these, notably its games based on the World Wrestling Federation, turned out pretty good; the rest were utterly forgettable but many sold well on the strength of the licenses. Only recently did THQ attempt to transition into a publisher known for strong original properties, winning acclaim for its Saints Row, Darksiders and Metro series. It opened a Montreal development studio and lured Patrice Desilets, creative director of Ubisoft's Assassin's Creed, over to run it.