THQ Files Bankruptcy
To Sell Assets
Published: 12/27/2012 02:42am
Video game company THQ filed for Chapter 11 bankruptcy protection last week. It went into the reorganization with $37.5 million in debtor-in-possession financing and a potential buyer; Clearlake Capital has made a stalking horse bid of $60 million for the company, which was once valued at $2 billion. THQ would shed debt in the Chapter 11 process, according to the company’s announcement.
Videogame sales have taken a beating over the past two years, including a 20% drop through August of 2012 (see "2012 Videogame Sales Down 20%"). And THQ was probably worse-positioned than most; it had made big investments in children’s videogames with Pixar and DreamWorks Animation as sales on children’s videogame sales evaporated, according to Home Media.
THQ was best known for WWE titles and Saint's Row.
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