THQ Dissolved and their assets are now SOLD
It’s a sad day when a company like THQ have to declare bankruptcy and sell their assets off, but that’s just what has happened. The sale of THQ’s assets finalised today in court, and the internet has been filled with rumours as to who will be buying what. The asset sales have now been confirmed in both a letter to the employees and in a document filed in the U.S Bankruptcy Court (you can see the letter below).
“To All THQ Employees:
We now have the answers we’ve been seeking through our financial restructuring and Chapter 11 case. While much will be written, here are the facts of the bids and auction that occurred:
Some assets, including our publishing businesses and Vigil, along with some other intellectual properties are not included in the sale agreements. They will remain part of the Chapter 11 case. We will make every effort to find appropriate buyers, if possible.
What this means for employees
We expect that most employees of the entities included in the sale will be offered employment by the new owners. However, we cannot say what these owners may intend, and there will likely be some positions that will not be needed under the new ownership. You should receive notice this week or early next week if the new owners intend to extend employment to you. Please note that the terms of your new employment, including pay and benefits, may be different from the current terms of your employment with THQ.
If you are an employee of an entity that is not included in the sale, we regret that your position will end. A small number of our headquarters staff will continue to be employed by THQ beyond January 25 to assist with the transition. THQ has sufficient resources to pay these employees for work going forward, and we will be contacting these employees immediately to ensure their continued employment during this transition period. We are requesting the ability to offer certain severance pay to minimize disruption for employees of non-included entities as they determine the next steps in their careers.
We know you will have many questions about this news. We’ll be meeting tomorrow when we return to talk through this announcement and to answer any questions you have. You will receive a benefits fact sheet and FAQs with answers to some questions that may be on your mind. Please review these materials closely.
A personal note
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.
It has been our privilege to work alongside the entire THQ team. While the company will cease to exist, we are heartened that the majority of our studios and games will continue under new ownership. We were hoping that the entire company would remain intact, but we expect to hear good news from each of the separate entities that will be operating as part of new organizations.
For those THQ employees who are part of entities that are not included in the sale, we are confident that the talent you have displayed as part of THQ will be recognized as you take the next steps in your career.
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.
Chief Executive Officer
You can find out who will be owning what here, although no bids have currently been made for Vigil Games, makes of the Darksiders series.
- Relic Entertainment: Makers of Company of Heroes. Winning Bid: SEGA, $26.6 million. Backup: Zenimax Media, $26.3 million
- THQ Montreal: Makers of 1666 and Underdog, titles under development. Winning Bid: Ubisoft, $2.5 million. No runner up
- Evolve: (title in development at Turtle Rock Studios). Winning Bid: Take-Two Interactive, $10.894 million. Backup: Turtle Rock Studios, $250,000
- Volition, Inc: Maker of Saints Row. Winning Bid: Koch Media, $22,312,925. Backup: Ubisoft, $5.4 million
- Homefront: Released 2011; due for sequel. Winning Bid: Crytek, $544, 218
- Metro: Series; due for sequel Metro: Last Light. Winning Bid: Koch Media, $5,877,551. Backup: Ubisoft, $5.175 million
- South Park: License; South Park: The Stick of Truth is due for release March 5. Winning Bid: Ubisoft, $3,265,306.
VGU will keep you updated with this story as it develops. We also wish those affected by the news the best of luck and hope that everyone goes well for the companies and individuals involved.