Video game publisher THQ has filed for Chapter 11 bankruptcy protection and is seeking a buyer following years of business mishaps, according to a report from the Los Angeles Times.
The Agoura Hills company, valued at $2 billion, is working with a private investment firm, which has agreed to enter a "stalking horse" bid worth $60 million for THQ's U.S. assets, the newspaper said.
THQ's market value at the end of trading Tuesday was about $11.3 million, said the report.
In spite of the Chapter 11 filing, THQ said it does not intend to lay off staff, the Times said.
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