insolvency, administration

Nordic Games Buys Desperados and Silver From Atari

June 24, 2013 -

Nordic Games has bought more assets from another company finding itself in the throes of distress and bankruptcy. This time the company has snapped up several franchises from Atari: Desperados and Silver. The IP was part of a block of assets put up for sale last month.

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THQ Details Asset Sales Transactions in SEC Filing

June 6, 2013 -

In a FORM 8-K filing with the U.S. Securities and Exchange Commission (SEC), bankrupt game publisher THQ disclosed that certain transactions that were the result of a massive asset auction have closed. The company also disclosed particulars on the current employment of its interim president Edward L. Kaufman.

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Atari Seeks Permission to Hold Asset Auctions in July from Bankruptcy Court

May 23, 2013 -

Atari Inc., the US division of French parent company Atari S.A., has asked a U.S. bankruptcy court for permission to auction off its assets in July. The assets include the Atari logo, the Test Drive, Asteroids, Pong, Total Annihilation, and Rollercoaster Tycoon franchises.

Atari filed for bankruptcy in January and tried to solicit bids for its entire catalog, but the 15 offers it received were deemed unacceptable. Now the company hopes to divide its assets up and sell them separately in hopes of generating more cash to pay down its debtors.

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Report: TimeGate Lays Off Entire Staff

May 9, 2013 -

According to this Kotaku report citing two unnamed sources with knowledge of the situation, TimeGate Studios has laid off its entire staff. The developer behind Section 8 and the co-developer of Aliens: Colonial Marines sent everyone home early today according to the sources.

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TimeGate Studios Files for Bankruptcy Protection

May 2, 2013 -

Aliens: Colonial Marines co-developer and Section 8 developer TimeGate Studios has filed for Chapter 11 bankruptcy protection in Texas Southern Bankruptcy Court, according to court documents obtained by Polygon.

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THQ Creditors Line Up With $200 Million in Claims

April 26, 2013 -

THQ's long list of creditors are seeking an estimated $200 million from the bankrupt publisher, according to a filing with the Bancrupcty Court of Delaware.

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Death, Inc. Developer Closes Doors, Promises Full Refund for Paid Alpha

April 25, 2013 -

Monster Meltdown and Death Inc. developer Ambient Studios announced on its company website that it will be shutting down as a result of serious financial issues.

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THQ Details Remaining Assets to Be Sold by Mid-May

February 26, 2013 -

THQ announced that it will auction off the remaining assets it didn't manage to sell as part of its bankruptcy. The company hopes to sell the remainder of its intellectual properties by mid-May. Initial bids must be submitted by April 1, with final bids required by April 15. Last month, the bankruptcy court approved the sales of three of THQ's studios and games in development, as well as Evolve, a working title under development at Turtle Rock Studios, Homefront 2, Metro: Last Light and South Park: The Stick of Truth.

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HMV Closing an Additional 37 Stores, Laying Off 464 Employees

February 20, 2013 -

UK retailer HMV will close an additional 37 retail stores and cut 464 more jobs, according to a CVG report. The latest round of store closures add to the 66 stores that were recently closed throughout the UK, and the loss of 930 jobs. The closures were announced by Deloitte, the company overseeing HMV's administration.

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HMV Signs New Supply Agreements with Key Suppliers

February 15, 2013 -

UK retailer HMV has managed to secure key new music, video games, and movie releases, after reaching an agreement with key suppliers this week. Earlier in the week it was announced that HMV closed 66 retail stores, which employed an estimated 930 workers.

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HMV Ireland Stores Closed, 300 Jobs Lost

February 12, 2013 -

More bad news for employees of HMV - particularly those 300 employees that worked for the UK-based retailer in Ireland. The Ireland-based division of the company has been shut down and some 300 employees are to be affected by the closures, according to a report in the Irish Examiner. All 16 of HMV’s stores have been closed according to the report, and the company has admitted that it was unable to find a buyer and that the stores would remain closed.

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Sixty-Six HMV UK Retail Stores to Close, 930 Employees Affected

February 7, 2013 -

Deloitte, the administrator handling HMV's UK-based business, has identified 66 HMV stores that will be closed in the next two months, according to a Eurogamer report. These retail store closures will affect 930 employees, the firm announced.

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THQ Filing Informs SEC it Has Sacked its Top Executives

February 5, 2013 -

While it won't come as any shock, THQ has filed a FORM 8-K with the United States Securities and Exchange Commission ("Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers") that it sacked its top executives on January 30, 2013. Given that the company was sold off to various bidders in bits and pieces in an auction in late January, it makes sense that they would inevitably have to let their executives go into the wild. The online filing reads as follows:

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HMV UK Cuts Massive Amount of Work Force

January 31, 2013 -

UK Retailer HMV has cut 190 jobs across the board, according to administrator Deloitte. Earlier reports had pegged the layoffs at 60, but the group overseeing the retailer's administration later confirmed the larger number. Most notably HMV’s head of technology and games Ewan Pinder was given a pink slip today. The 60 workers who lost jobs were apparently from HMV's head office in the UK.

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Half of HMV's UK Locations Could be Closed by Hilco

January 28, 2013 -

While UK retailer HMV will survive to fight another day after HMV Canada owner Hilco took it over, it looks like the chain is about to be streamlined so that it operates more efficiently. MCV (by way of The Daily Mail) is reporting that Hilco may close around half of HMV’s 223 UK stores.

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Former THQ Executive Danny Bilson Comments on THQ's End

January 24, 2013 -

Former THQ executive vice president of core games Danny Bilson laments the dismantling and sale of THQ and its various properties and studios. Bilson worked for more than four years at the publisher before being replaced by former Naughty Dog co-founder Jason Rubin When asked by Polygon for his reaction to all the news surrounding the auctioning off of THQ's assets, Bilson offered the following:

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A Breakdown of How Much THQ Sold Individual Assets For

January 24, 2013 -

Last night we detailed what assets THQ sold off as part of its auction to generate enough cash to pay down some of its debt, and today we know just how much. The information comes from THQ's filing with the U.S. Bankruptcy Court in Delaware. The court has approved the sale of the assets, but the Chapter 11 bankruptcy case will continue as the former top-three publisher figures out what to do with its remaining assets.

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THQ Sends Letter to Employees Revealing Auction Results

January 23, 2013 -

Update: THQ has sold the WWE game license to Take-Two, according to IGN.

5 comments | Read more

 
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Which group is more ethically challenged?:

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InfophileI know the ZE series was in the red in Japan, but international series boosted it to profitability. That may not mean it's more profitable in the west, but it does mean ZE3 wouldn't exist without the western market.07/04/2015 - 7:54am
Consterwhy aren't "Video game players" an option on the poll? :P07/04/2015 - 5:19am
Andrew EisenThat was quick! Pretty accurate cosplay of the new Ghostbuster uniform and proton pack: https://twitter.com/mirabellemusing/status/61673135125394227207/03/2015 - 6:23pm
Matthew Wilson@mast I dont know, but I do know it got a cult fallowing here.07/03/2015 - 6:22pm
MastermuneWasn't the Zero Escape series more popular here than in Japan?07/03/2015 - 6:19pm
Matthew Wilson@mast given the game was revealed in the US, I wouldnt be shocked if it was released at the same time.07/03/2015 - 6:15pm
MastermuneI don't trust the big AAA worldwide simultaneous releases though.07/03/2015 - 5:57pm
Mastermune@Infophile I have come to the conclusion that smaller games like zero escape, JRPG's and the like are actually worth preordering sinc they are limited quantities and since they usually release in japan first we know if there are any issues.07/03/2015 - 5:56pm
Infophile@Matthew! Awesome news. I'd preorder on that shout alone if I didn't have a policy against preordering anymore.07/03/2015 - 5:16pm
Matthew Wilsonzero escape 3 was announced today.07/03/2015 - 4:21pm
Matthew Wilson@pnx I am guessing a ddoss since that is what happened to neogaf, but sony needs to do a investment in psn as a whole. steam is still the most reliable and fastest digital platform I use.07/03/2015 - 3:06pm
PHX Corphttp://www.vg247.com/2015/07/03/psn-is-down-sony-investigating/ not again: PSN is down, Sony investigating07/03/2015 - 3:04pm
Matthew Wilsonhttp://www.vg247.com/2015/07/03/digital-extremes-trespasser-keystone-pc/ if true, this is funny and embarrassing for Digital Extremes. companies need too have better security.07/03/2015 - 2:57pm
Matthew Wilsonhttp://www.gamespot.com/videos/the-point-destiny-the-hardcore-gamers-slot-machine/2300-6425852/ this is very good, and well researched.07/03/2015 - 12:41pm
InfophileOther features to become standard: The ability to remap controls however the hell I want. Quicksave at any time (especially for handheld and mobile games). Plus everything Andrew said07/03/2015 - 10:43am
InfophileRegion-freeing becomes tricky for games with a strong online component though, especially when the servers are run by different branches in different regions.07/03/2015 - 10:41am
InfophileI'm in favor of getting rid of region-locking for any purchased games. I can understand an exception for free, ad-supported games, as many ads are only relevant in certain regions, and it's a ridiculous hassle to get ads for all regions.07/03/2015 - 10:40am
PHX Corphttp://kotaku.com/payday-2-has-been-broken-on-xbox-one-for-three-weeks-1715384186 Payday 2 Has Been Broken On Xbox One For Three Weeks07/03/2015 - 8:44am
Matthew Wilsonhttps://www.reddit.com/r/OutOfTheLoop/comments/3bxduw/why_was_riama_along_with_a_number_of_other_large/ here is a more complete acount of whats going on.07/03/2015 - 1:32am
Matthew Wilsonredit is on fire right now. most subreddits have been set to private.07/03/2015 - 1:24am
 

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