THQ closes its doors due to financial struggles
February 5, 2013 • 1,348 views
Filed under Entertainment
Following a long series of financial struggles, which culminated in bankruptcy, videogame publisher THQ has closed its doors. The publisher’s various properties and development studios were auctioned off after a judge denied THQ’s original plan to offer the company as a whole. In an official email given to Kotaku by a former employee, the company detailed the results of the auction and the futures of the former THQ employees. The results of the auction were:
Relic, developer of Company of Heroes and the Dawn of War series, was sold to Sega.
THQ’s Montreal studio, which included the team working on South Park: The Stick of Truth, was sold to Ubisoft.
Saints Row developers Volition and the Metro franchise have been sold to Koch Media, the parent company of Deep Silver, who most recently published Dead Island.
Turtle Rock Studios, creators of Left 4 Dead, have been acquired by Take-Two Interactive.
The rights to Homefront were sold to Crytek.
According to the email, some of the company’s other assets will remain part of the bankruptcy case. Darsiders developer, Vigil, was shut down, but the 35 developers found a new home as Crytek’s new American division, allowing them to remain in Austin, Texas. The fate of other employees of the various divisions of THQ is less certain. Those who were working with the auctioned properties may or may not retain their position through the transition to new owners while the majority of those remaining will be laid off, leaving a skeleton crew to facilitate the shifts of ownership.
Students at WTAMU have expressed their concerns toward the demise of THQ and the uncertain future of the game franchises affected by the bankruptcy case.
“It kind of worries me, how they might change,” Sports and Exercise Science major Tyler Potts said.
A large number of titles and series will be up in the air, not limited to those included in the auction. THQ held license agreements with several groups including Nickelodeon, Disney, Pixar, and WWE.
“It’s kind of sad, though it puts it in perspective,” Stephen Enriquez, freshman Computer Science major, said. “Those companies aren’t invincible.”
In their email, CEO Brian Farrell and President Jason Rubin bid farewell to all their former employees.
“The work that you all have done as part of the THQ family is imaginative, creative,
artistic and highly valued by our loyal gamers. We are proud of what we have
accomplished despite today’s outcome… Thank you all for your dedication and for sharing your talent with the THQ team. We wish you the best of luck and hope you will keep in touch.”