Video game publisher Acclaim Entertainment, which has been hampered by a lack of hit titles, filed for bankruptcy liquidation on Thursday after failing to line up new financing.

The move was not a surprise. Acclaim, one of the oldest brands in the industry, has been known as much for failures like "Turok: Evolution" and controversial titles like "BMX XXX" as it has for its successes in the highly competitive game industry.

Read more: CNet News.