THQ has filed for Chapter 11 bankruptcy and has entered into an asset purchase agreement with another company. This company is "to acquire substantially all of the assets of THQ's operating business, including THQ's four owned studios and games in development."

"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 CEO Brian Farrell.

THQ hopes to have the sales process completed in 30 days. No layoffs planned, employees to be paid normally and work normal schedules.

...developing...
THQ selling assets, files bankruptcy originally appeared on Joystiq on Wed, 19 Dec 2012 14:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments