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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 t: 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
This afternoon, THQ CEO Brian Farrell and president Jason Rubin met with about a hundred of their staff at corporate headquarters in southern California. Tomorrow, most of them will lose their jobs. Within the next few weeks, the video game publisher will disappear entirely. This was their last meeting. "There were plenty of people crying," said one former employee who preferred that we not use his name. "Brian seemed very emotional." Although THQ has been struggling for the past year or so, the company still employed hundreds of people, many of whom had no idea what was going on until yesterday. For most of this week, according to the person we spoke to, THQ's employees were just sitting at their desks, checking websites like Kotaku for rumors on what might have been happening during the auction on Tuesday and the bankruptcy hearing on Wednesday. Yesterday afternoon, Farrell and Rubin sent out a letter: the company would be closing. Everyone would be losing their jobs. "We had no inside info until that letter came," the former employee said. "So that kinda sucked. But it wasn't a huge surprise by that point... I think people had sort of written off the company a long time ago. It's been a downhill journey steeply for the last year." Hundreds watched on video-cast during the meeting as Farrell and Rubin thanked THQ's employees for their service and gave them the rundown on what would happen from there. Some people asked tough questions: one employee, for example, asked why the bankruptcy seemed focused on getting money for the companies that THQ owed, rather than providing money to help employees keep their jobs. "It's taken its toll on people for sure," the former employee said. The last days of THQ have not been pleasant for many of their employees: during the time leading up to the announcement that THQ's studios and game properties would be auctioned off, only a few people were told what was happening. There was one married couple that worked at THQ, the former employee told me. The wife knew about the auction: the husband didn't. So she had to lie to her husband, making up excuses for why she was working 14 hours a day. "I know people who have worked there for 17 years," the former employee said. "It's hit them hard." Last night, one THQ employee sent an event invitation to the rest of the staff: Friday afternoon at 3pm, many of the people who once worked at the embattled video game publisher will go to one last party. "f*ck it, let's drink."
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