Games company THQ has just announced that it will be effectively dissolved, its assets sold off to former competitors. In a letter sent from CEO Brian Farrell and President Jason Rubin to THQ employees and published at Polygon, the company said that it considered both an original bid from Clearlake Capital Group, which would have purchased its assets wholesale, and competing ones for individual franchises. Ultimately, it decided that "separate-asset bids would net more than a single buyer for the majority of the company." As a result, the following sales were reached, for a total of $70 million if approved:

The company's publishing business, along with Darksiders developers Vigil, will remain with THQ during the bankruptcy proceedings, and the company says it will attempt to find buyers at a later date. The bankruptcy court will still have to approve the sale, but THQ seems confident it will proceed, saying sales are expected to close this week.

Employees who worked at the companies that were sold off could be hired back by new management, but almost everyone else has been laid off, a far cry from the original plan. "We were hoping that the entire company would remain intact," the letter reads, "but we expect to hear good news from each of the separate entities that will be operating as part of new organizations."

Update: Updated with detail from Polygon.