THQ Files For Bankruptcy, Is Not Dead

Posted by on December 19, 2012 at 2:01 pm
Still no Red Faction, though.

Still no Red Faction, though.

Well, we guess it was coming. THQ’s been on some shaky ground for a few years now and as many speculated, they were on the fast track to bankruptcy protection, or worse, dissolution. Today was that day, but thankfully it’s not all bad. With the acquisition of Naughty Dog co-founder Jason Rubin as President and director of THQ’s games going forward, things were starting to look up, but he had little chance to save the company from its inevitable bankruptcy filing. So what’s changing? Not much, apparently.

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Here’s what happened: THQ sold all of its assets to investor Clearlake, including all of its IPs and its four studios, for $60 million. Operations will continue as normal while the company figures out how best to get themselves out of their current situation. This means we’ll still see a new Saint’s Row game, Homefront 2 from Crytek (hopefully a better game than its predecessor), and in closer terms, South Park: The Stick of Truth from Obsidian and Metro: Last Light from 4A Games.

It’s unfortunate that the company has been on the slide for so long despite such promising franchises. THQ was left with Darksiders 2 alone for the holiday, which was not a barnstormer, while last year’s big budget Homefront and Red Faction: Armageddon also failed. Think what you will about Call of Duty, their titles have had consistent quality and consistent sales. THQ has released moderate hits followed by some pretty dismal failures. I wish Rubin and THQ all the best in their turnaround.

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