News that THQ filed for Chapter 11 bankruptcy dominated headlines today, as the company announced it entered into an Asset Purchase Agreement with a "stalking horse bidder" to acquire substantially of its the assets of THQ's operating business, including the company's four owned studios and games in development. Obviously, bankruptcy is never a good thing, but in an effort to calm the potential worries THQ assured it has no plans to reduce its workforce.
"Employees will continue to work their usual schedules and receive normal compensation and benefits, pending customary Court approval," THQ said.
THQ expressed confidence in its existing pipeline of games and assured it will continue operating its business during the sale period "without interruption". This of course, is subject to Court approval of THQ's first-day motions. During this time, all of THQ's studios remain open, and all development teams will continue working on their projects. Additionally, customers and retailers should see no changes while the company completes a sale.
THQ currently has several high-profile titles in production including Metro: Last Light, South Park: Stick of Truth, and Homefront 2. While I'm glad to see these games are still being given a chance, I'm comforted by the fact that the hard-working employees are still employed for the time being.
