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Acclaim Files for Bankruptcy

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Posted by Allison on September 2, 2004 8:49 AM
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Acclaim Entertainment Inc., one of the oldest publishers in the video game industry, filed for bankruptcy liquidation yesterday, after failing to generate revenue to pay off their debts. Acclaim has already fired over 600 employees worldwide, leaving them with no severance pay or package. With failing titles such as "Turok: Evolution" and "BMX: XXX" and lawsuits from the Olsen twins and biking legend Dave Mirra, Acclaim's $47.3 million worth of assets couldn't touch their $145.3 million in liabilities it has reached as of July 1. Read the Reuters report.

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