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Acclaim Reports Large Loss, May Face Bankruptcy

Posted by simoniker on from the turok-begging-on-street-corner dept.

Thanks to Yahoo!/Reuters for its story revealing videogame publisher Acclaim Entertainment has announced a quarterly loss of $25.4 million, and warned of possible bankruptcy, since "needs new cash to replace a financing agreement... that expires on Aug. 4." Apparently the company "has signed a letter of intent with a different lender to borrow up to $30 million but the deal has not yet been completed." The long-standing publisher has also recently been sued by the Olsen Twins, although it still lists upcoming titles as including 100 Bullets, The Red Star, Worms Forts: Under Siege!, and Interview With A Made Man. Update: 07/03 01:34 GMT by S : Acclaim's 10-K financial statement reveals "notification from The Major League Baseball Player's Association (MLBPA) that we were late in making certain royalty payments and our license was terminated", and "due to failure to make certain royalty payments relating to the videogame title Turok: Evolution... our [Turok intellectual property] license agreement with Classic Media was terminated."

4 of 41 comments (clear)

  1. A nice dream by JoelMeow · · Score: 4, Informative

    I'm reminded of a comic

    To be honest, I don't know that much about Acclaim's games. The only thing I remember about them are some rather dubious advertising campaigns, which I don't think they actually ever meant to follow through on. I think they were just proposed for the shock value, the whole "any publicity is good publicity" idea.

    I decided that I didn't want to buy any of their games because I didn't want to encourage that behavior, but I don't recall the issue actually coming up. They didn't make any games I was interested in.

  2. Free (Libre) clone of Worms from Team17 by mr_tenor · · Score: 2, Informative

    Here. I haven't tried it personally, but the development effort looks pretty active.

  3. Re:Chump Change by kilrogg · · Score: 4, Informative

    http://finance.yahoo.com/q/pr?s=AKLM

    James Scoroposki, 55 Co-Chairman, Sr. Exec. VP, Treasurer, Sec. $ 312.00K
    Gregory Fischbach, 61 Co-Chairman $ 479.00K
    Rodney Cousens, 52 CEO $ 1.30M
    Gerard Agoglia, 52 CFO, Exec. VP $ 28.00K

    The CEO of a company heading to bankruptcy makes 1.3M per year!!! Holy crap, I chose the wrong career.

  4. Re:What we need worms! by Anonymous Coward · · Score: 1, Informative

    It won't, Acclaim is only the publisher, and only in the US, and only for the non-mac versions (Mac is published by Feral Interactive) Sega publishes it in Europe.

    The developer, (Team17) is alive and kicking. If Acclaim goes under, they can just easily find someone else to publish the Worms games.