Midway files for bankruptcy
In another sign of the times, Midway has filed for Chapter 11 bankruptcy protection.
Midway is buried under a mountain of debt that is at least equal to the total value of the company, according to GameSpot.
Though the company has seen some success as of late, particularly with Mortal Kombat vs. DC Universe, they still haven’t been able to overcome their huge debt. After several extensions that only put off the inevitable, the company filed for bankruptcy protection.
The filing is not expected to affect the release of The Wheelman.
Though filing for bankruptcy, it doesn’t mean that Midway is over. Far from it, in fact. According to several sources in the GameSpot story where I first heard this news, most expect that the company will likely be sold or refinanced.
So, Mortal Kombat fans, fear not: Midway has not been FINISHED.
There have been numerous layoffs in the gaming industry from even the biggest companies as they try to cut costs, but I think that this industry will continue to see increased profits during the recession. I think we’ll also see a lot of studios merging in order to stay competitive. I would say that the video game industry is as recession proof as an industry can be in these times, particularly as people avoid going out and look for new ways to be entertained.
So would you say that gaming in general is recession proof? I would,seeing and hearing what I experience everynight in my living room. It comes not from the news but from gamers all over the country and world talking about games and what is happening what their going to buy………etc. Queen of a force of Dragons