Acclaim Shut Down

As Reported by Vooks.Net a while ago, Acclaim has finally filed for bankruptcy, let all of it’s employees go and has closed down for good. The company was unable to renew a loan with GMAC Commercial Finance, and could not secure an additional $65 million loan from another financier. The Following Story is from Nintendo Centre
Acclaim has finally filed for bankruptcy, let all of it’s employees go and has closed down for good. The company was unable to renew a loan with GMAC Commercial Finance, and could not secure an additional $65 million loan from another financier.
This announcement comes only a few days after they reported they had been forced to close down a few offices to try and help the situation.

“There was a short meeting held on Friday at 12:15 am,” said a former employee who asked not to be mentioned by name. “It was a short speech. They said they regretted to inform us that they were not able to achieve the new loan they were seeking, and that they had to seek bankruptcy. They said, ‘Thanks for your service. Please take your items from your desks and leave.’ They gave us 15 minutes to do that.”

Games in development by Acclaim (Juiced, The Red Star and Worms 3D) may be sold to other companies to publish. It’s sad to see a company go like this, but it just goes to prove that the games industry is not an easy business.