More Reviews
REVIEWS DRAGON: A Game About a Dragon Review
Sporting stylish hand-drawn visuals, offbeat humor, and retro gameplay, this Medieval fantasy game eschews violence in favor of adolescent behavior.

The Evil Within: The Consequence Review
Juli Kidman faces her fears in a terrifying finale.
Release Dates
NEW RELEASES Farming Simulator 15
Release date: 05/01/15


LATEST FEATURES BAMF BABES #6: The Boss
"One must die and one must live. No victory, no defeat. The survivor will carry on the fight. It is our destiny... The one who survives will inherit the title of Boss. And the one who inherits the title of Boss will face an existence of endless battle."

Top 10 Characters That Would Make Great DLC for Mortal Kombat X
What characters could survive a guest appearance in MKX? Here's a hint: Clowns are pretty evil.

LEADERBOARD
Read More Member Blogs
FEATURED VOXPOP UrbanMasque
The Joys of RPing
By UrbanMasque
Posted on 04/24/15
As some of you probably know I work with Corsair to help cover their gaming product launches and create content around their gaming-event based video coverage. Recently, I was asked by Corsair to participate in one of their Throwback Thursday Gaming Videos which basically interviews current...

GAMING NEWS

THQ Closes, Here's The Letter Sent To All Employees

Posted on Wednesday, January 23 @ 12:36:03 Eastern by

While we had hoped THQ's Chapter 7 restructuring would allow the publisher to continue business and deliver the highly anticipated projects in their current operating portfolio, the investors who've held onto stock long enough to be at this low point weren't looking for continued business. They just wanted their money. That's understandable, but we'll have to wait and see what comes of South Park: The Stick of Truth and Metro: Last Light, among others.

Until then, here's the letter sent to all employees with the instructions to pack it up and leave, as reported by Kotaku. GameRevolution hopes everyone at THQ lands on their feet. Share your THQ memories and well wishes in the comments.

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:

Yesterday morning, we received a competing bid for the operating business, along with Clearlake's offer, and numerous offers for separate assets. During an auction process that lasted over 22 hours, the final conclusion was that the separate-asset bids would net more than a single buyer for the majority of the company.

Shortly, we will, present the results to the U.S. Bankruptcy Court, which must concur with our assessment.

The proposed sales of multiple assets are as follows:

Sega agreed to purchase Relic
Koch Media agreed to purchase Volition and Metro
Crytek agreed to purchase Homefront
Take 2 agreed to purchase Evolve and Ubisoft agreed to purchase Montreal and South Park

We expect these sales to close this week.

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.

Sincerely,

Brian Farrell
Chief Executive Officer

Jason Rubin
President

FOLLOW ME ON TWITTER. YOU KNOW YOU WANT TO.


More from the Game Revolution Network




comments powered by Disqus

More On GameRevolution