THQ declares bankruptcy, will continue publishing duties

In a statement released today, THQ announced it filed bankruptcy as part of a sale to equity firm Clearlake Capital. Though financial issues troubled the publisher in the past, the announcement stressed everything will continue as normal while THQ seeks a new owner.

"THQ will continue operating its business without interruption during the sale period," read the statement. "All of the company's studios remain open, and all development teams continue. Consumers and retailers should see no changes while the company completes a sale. The new financing will support business operations throughout the period. THQ does not intend to reduce its workforce as a result of the filing."

THQ's filing specifically fell under Chapter 11 of the government's Bankruptcy Code, which allows a company to reorganize and essentially get its bearings without disappearing entirely. Which is a good thing, with upcoming games such as Metro: Last Light, Company of Heroes 2, South Park: The Stick of Truth, and Saints Row 4 hanging in the balance.

On a positive note, THQ's substantial success generating over $5 million through its recent Humble Bundle deal boosted its stock nearly 40 percent !