Games developer THQ filed for bankruptcy yesterday, putting an end to the months of speculation after uncertainty and layoffs throughout 2012. What this means for its library of upcoming and franchise games is that they may or may not be sold on, cancelled or even just left in the wind.
The games developer have been a middle of the road player over the past 15 years but has still been responsible for the widely successful WWE Games (Smackdown vs. Raw all the way up to this year’s WWE 13) plus games like Saints Row, Red Faction and the Warhammer 40k series.
However, whilst the company has filed for bankruptcy this isn’t necessarily the end for the studio as upon the announcement, a private investment firm called Clearlake Capital Group has come forward and expressed its interest in buying THQ, and therefore the company could live on providing downsizing is done and some of its games are sold on.
Clearlake Capital are actually in the business of purchasing ailing companies, nursing the firms back to health (generally by selling off their best assets and shrinking down waste) and eventually selling for a profit, which the company has done for brands such as Jacuzzi and Swiss Watch International.
What this does mean is that games on THQ’s radar such as Saints Row 4, Metro: Last Light and South Park: The Stick of Truth do have an uncertain future for the moment as they could stay with the studio as one of the future money making games or if they are valuable enough they could be sold to another developer to help save the company.
Brian Farrell, chairman and CEO of THQ in the announcement stated:
“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,”
There will still be a certain amount of shakiness at THQ until the purchase has gone through, but according to THQ’s announcement, Clearlake has offered up $60 million (£36.9 million) to purchase the firm.
In light of the announcement THQ President Jason Rubin took to Twitter to confirm that whilst the sales proceedings were going ahead that games such as “Company of Heroes 2”, “Metro: Last Light”, “South Park: The Stick of Truth”, “Saints Row 4”, and “Homefront 2” are all still in development.
THQ has been part of our gaming lives for years thanks to our still strong obsession with the WWE series of games and we hope that the company can keep going and be given the chance to carry on their legacy.