THQ’s press release today announced it has filed for Chapter 11 bankruptcy, allowing itself to enter into an Asset Purchase Agreement that will allow Clearlake Capital Group, a long-term interested bidder, to obtain all assets related to THQ’s business, including four of their owned studios and all current games in development.

THQ chairman and CEO Brian Farrell remained relatively upbeat stating, “The sale and filing are necessary next steps to complete THQ’s transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ’s deep branch of talent.”

“We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible.”

President Jason Rubin commented that “We have incredible, creative talent here at THQ. We look forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels.”

Currently the bidding from Clearlake is $60 million plus a $10 million note for the company’s creditors, but in the meantime THQ has moved for the Court “for a schedule to complete the sale process in about 30 days.” There is some maybe relatively good news as the publisher “does not intend to reduce its workforce as a result of the filing.”

Since Wednesday, the company's shares fell 12% to $1.22 before trading ended on the eve of this news breaking. The complete stock of THQ has dropped 84% since the beginning of this year.

With such a turbulent year that even saw the company go so far as to offer its games through the Humble Indie Bundle for as low as less than a dollar each, unfortunately their fate seemed somewhat inevitable.