THQ CEO’s Last Letter to Employees Make Its Way Online

Late last night, the gaming industry was buzzing with THQ's closure. Not that it came as a surprise, since the troubled-publisher has been in the headlines even last year for failing to turn things around.

With that said, it's not easy seeing an entire publisher dissolve just like that. Sure, some of the studios and their IPs will make a reemergence at other studios, but for those that didn't get picked up, it's a painful goodbye to franchises people loved, and a heartfelt sorry for those without jobs now.

While I'm sure there are more THQ news to flow in the coming days and weeks, what we have right now is of equal importance. Shown below is the complete letter THQ CEO Brian Farrell sent to all of THQ's employees. This is the time when Farrell and THQ president Jason Rubin knew that the company was officially being sold off and going under.

Here's the letter in its entirety (via Kotaku):

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

I have no doubt that reading through this must have been hard for all those involved. Hopefully, those still without jobs will find homes with other studios soon. In the meantime, get a mug of your favorite beverage and give one last toast to THQ and all the memories they've given us.