Late last year it was revealed that THQ had filed for chapter 11 bankruptcy protection, reportedly entering into a stalking horse bid with investment firm Clearlake Capital Group shortly after. We have now learned the fate of the games company: they will be broken apart and sold to various competitors.

A letter sent to THQ employees from CEO Brian Farrell and President Jason Rubin said the company considered the original stalking horse bid from Clearlake Capital Group as well as individual offers for the rights to various franchises. Ultimately THQ decided on the latter as it would net more than a single buyer for the majority of the company.

At this hour, we know that THQ has made the following deals:

  • Crytek will take over the Homefront franchise
  • Koch Media will buy Volition (of Saint's Row fame) and Metro: Last Light assets
  • Sega will purchase Relic, known for Company of Heroes and Warhammer 40K
  • Take 2 will buy the "Evolve" assets
  • Ubisoft will obtain THQ Montreal and South Park assets

Sales of the above assets must still be cleared by bankruptcy court, although THQ appears confident that most of the deals will close by the end of the week. Most employees have been laid off although it's possible that the new owners could rehire some of the staffers.

Vigil, the developers behind Darksiders, will remain with THQ alongside the company's publishing business through the bankruptcy proceedings. The plan is to find a buyer for these assets at a later date.