Acclaim closes offices
Headquarter and studios now closed, with bankruptcy appearing as the only possible next step.
Friday, August 27, 2004 - According to several reports, Acclaim Entertainment has closed its headquarter in Glen Cove, New York and its offices in Austin, Texas and Manchester, UK. The announcement comes one week after Acclaim announced the company was trying to get a loan extension from GMAC Commercial Finance and warned that if they would have been unsuccessful, the company would have had no other choices but filing for bankruptcy. Company representatives were unreachable and couldn't comment on the news, while the destiny of the company's employees, more than 600 people across the globe, is unknown. It seems that Acclaim's only possible next step, now that all offices are closed, is bankruptcy.
(Posted: Friday, August 27, 2004, 4:21PM GMT)
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"Acclaim has not nine, but 25 lives," said John Taylor, a videogame analyst of Arcadia Investment Corp. of Portland, Oregon who has been covering the industry and Acclaim in particular since 1998. "But each time we go through this (critical financial point) it gets more challenging for them to re-establish themselves. Turok: Evolution was the most critical blow for the company financially. That really took the wind out of them. They've been heading south ever since."
Acclaim was founded in 1986 by Gregory Fischbach and James Scoroposki with the purpose of creating and publishing videogames. The company became famous for being the first third party company allowed to develop software for the Nintendo Entertainment System. The list of the company's most relevant releases for the current generation of consoles includes the All-Star Baseball series, Crazy Taxi, Burnout, Headhunter, Aggressive Inline, Alias, Shadow Man: 2econd Coming, and Turok: Evolution.
This Monday we will surely have more news about the future of Acclaim and of its proprieties, so stay tuned on Ps2Fantasy.com. In the meanwhile, let us wish good luck to all the employees at Acclaim.