THQ files for Chapter 11!!

THQ has filed for bankruptcy, ending a rough year for the ailing video game company. They have made a deal with Clearlake Capital Group L.P., where affiliates would purchase all of the publisher’s operating assets, including four studios and all related games. The studios of THQ will remain open and upcoming titles will continue to be produced.

“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 THQ Chairman and CEO Brian Farrell in a statement.

South Park: The Stick of Truth, along with Saint's Row 2, will remain intact.

Earlier this year, THQ laid off 240 employees as part of a reconstructing plan that took effect in March. At this year’s E3, Electronic Arts announced they will be handling the games related to the UFC, which was THQ’s most successful franchise. THQ’s contract with the UFC was extended two years ago through to 2018. The company is published the “Grand Theft Auto” parody Saints Row, which is one of their most successful series, and Darksiders II. Both game were released back in August. Currently, a “Saints” sequel is in the works, as well as the upcoming “South Park: The Stick of Truth”.

THQ’s stock has taken a serious nosedive and they expect NASDAQ to drop them like a bad habit. Though the company has $150 million in liabilities, shareholders should not expect much from the sale of the company. Basically, THQ’s stock ain’t worth squat.

Hopefully, THQ can pull through this so the aforementioned titles aren’t scrapped.

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