American publisher THQ has this week filed for Chapter 11 bankruptcy.

The corporation - once a major gaming player in recent times - had been suffering from mounting debts and falling revenues, despite its wealth of lucrative franchises such as WWE, Saints Row, and Warhammer 40k.

THQ will now have all its assets bought by investment firm Clearlake Capital for a mere $60m.

THQ will resume all its industry activities as normal, and its four studios - Relic Entertainment (Warhammer 40k, Company of Heroes), Vigil Games (Darksiders, Darksiders II), Volition (Saints Row), and THQ Montreal - will continue developing its current games without interruption.

The publisher has also iterated that it does not intend to reduce its workforce as a result of the developments.