THQ has officially “filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware,” according to a brand new press release. The company has been struggling for a long time now, and it appears that THQ has been forced to enter into an Asset Purchase Agreement with the Clearlake Capital Group. The […]
The ballad of THQ’s bankrupcy continues to weave more and more entangled threads of intrigue. The Clearlake Capital Group was all set to outright buy all of the struggling publisher’s assets for $60 million, but a judge blocked the sale stating that the deal did not give other buyers enough time to enter in with a […]
Of course, Atari is the company who invented the current model for our modern consoles. The iconic Atari 2600 and its wooden paneling revolutionized the market as the first console to use ROM based cartridges. With this idea, any number of games could be played from the same system and games could be sold and made much cheaper.
Atari continued to battle in the console wars until the early 1990s when it could no longer compete with the likes of Nintendo and SEGA. Since then, the Atari name has been passed through a number of larger publishers from Hasbro to Infogrames and even Namco, of all companies. Although, hardly made of the same people who created the home console industry, the name brand still held a significant presence to gamers.
Despite hard times for the publisher, the last two year of the American branch have proven to be profitable. The company pulled in $11 million in 2011 and dropped to 43% with only $4 million in 2012. Despite this, the US branch of Atari, consisting of roughly 40 people, believes that breaking free from their French parent company will allow them to emerge as a new brand that can survive off their own resources.
Atari US is now on the lookout for a buyer to make it all happen. They currently have $5.25 million of debtor-in-possession and are selling off their classic brand logo as well as assets like Pong and Asteroids.