THQ has officially confirmed that it's filed for chapter 11 bankruptcy and that it's already entered an Asset Purchase Agreement with Clearlake Capital Group, who'll buy practically every asset of the ailing publisher.
THQ wanted to compete with the likes of other big publishers like EA or Activision but, while it certainly released a lot of quality titles, they didn't sell that well and resulted in a poor financial situation for the publisher.
Now, after the last ditch effort of the Humble THQ Bundle, the company has just filed for chapter 11 bankruptcy, meaning all of its assets will be sold to a new company, in this case Clearlake Capital Group, who'll make sure that the publisher will practically begin anew and keep all of its existing brands, studios, and in-production projects.
"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 Brian Farrell, Chairman and CEO of THQ, in a statement.
"We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible."
THQ President Jason Rubin also emphasized the role THQ's existing franchises will play in the publisher’s resurrection of and told investors that he and his team would do everything they can to promote the future projects in unique ways.
"We have incredible, creative talent here at THQ. We look forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels."
Expect to hear more about the now-bankrupt THQ soon enough.