THQ Dissolved – Letter To Staff

The letter and its news spread through Twitter as former THQ employees began reacting. The two page letter concluded with this personal note:

 

January 23, 2013

 

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 is as follows :

  • Sega agreed to purchase Relic
  • Koch Media agreed to purchase Volition and Metro
  • Crytek agreed to purchase Homefront
  • Take 2 agreed 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

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  • i hope thq can comeback someday

    • Anonymous

      They aren’t making any comeback. They don’t exist. The games and divisions they own have been sold to other successful companies. THQ is done- forever. I hope this franchise gets purchased by some that’ll do it well.

  • time for EA to step up and do something RIGHT with this crap wwe franchise… That’s what they get for not listening to us and doing whatever they wanted…bankruptcy. All Stars? LOW? F’n GARBAGE… All they had to do was give us a legends game with wwe 12/13 engine and it would have sold like CRAZY… Good riddance THQ.

    • Pozessed

      Take Two purchased the WWE license.

  • I wish AKI Purchased the WWE License…imagine a game like No Mercy on a next generation system! Hopefully, whoever took the license will actually do the WWE game franchise-and Its fans- some justice.

  • Can’t imagine life without THQ. . . It’s like removing something important in the history books. . .

  • Sad to see THQ dissolved like this. Oh well, it’s been a good run. Best of luck to the rest of those employees seeking new intentions.

  • edjuice

    The company that should start making future wwe titles is EA Sports or EA Games! I think they could fix the past problems of earlier titles. I see WWE title after title and I get more disappointed after each that comes out…something’s got a give! THQ is too worried about making profit and satisfying the geeks that freak-out if there’s no multiplayer online in every sense of the word! If THQ could fix these minor things that I see in every title I play,my game experiance would be great! But we all know as consumers what that answer is from THQ “Not in the budget or don’t have those capabilities,or it would take too much time to do that!” My Answer…OH WELL,LIFE’S A BITCH IS’NT IT? I could give a crap about multi-player online anyway cause I like playing my games by myself! The only online thing I like about SVR 2011/WWE 12/ and WWE 13 is the community creations site. For me to say that WWE 13 and any past WWE title is the perfect wrestling game is wrong, I would rather be blind for the rest of my life! Hopefully,the future of WWE titles is going to better but we’ll see what happens!