THQ Forced to Shut Its Doors

THQ has entered its final moments before it shuts its doors for good. Rather than sell the entire company and all of its assets to one single bidder, THQ found it necessary to sell different parts of its company to multiple buyers in an auction that lasted 22 hours.

It seems that many companies are finding it difficult to keep their doors open as of late. One of the longest running companies recently shut its doors as well; Atari.

As it stands right now, the buyers and the assets they’ve chosen to purchase can be seen below.

  • Sega agreed to purchase Relic
  • Koch Media agreed to purchase Volition and Metro
  • Crytek agreed to purchase Homefront
  • Take 2 agreed to purchase Evolve
  • Ubisoft agreed to purchase Montreal and South Park

If numbers are your kind of thing, you can take a look at the auction summary here.

This can only mean that many THQ employees may be out of a job. CEO, Brian Farrell, and President, Jason Rubin, stated in an email to all of its employees with the following among other things:

[quote]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.[/quote]

Also stated in the email, employees of an entity or asset belonging to THQ that was not included in any sales will have their position terminated.

The good news here is that this could have all ended a lot worse. As fans of the any of the franchises involved in the sale, we can at least say that their production will continue and we can still look forward to their releases in the future.  From everyone here at TGF, we send out are most heartfelt condolences to anyone who has been affected by THQ’s financial restructuring. We hope nothing but the best for you.

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