Acclaim Entertainment files bankruptcy

Manufacturing News, Source : TheManufacturer.com
Published : 02 Sep 2004 14:29

Video game maker Acclaim Entertainment announced that it has filed for Chapter 7 bankruptcy protection after failing to line up new financing.

Acclaim’s assets totaled $47.3 million and its liabilities totaled $145.3 million as of July 2004, according to its annual report filed with the US Securities and Exchange Commission. The company has also been struggling with lawsuits from some of its licensees, including a suit by celebrities Mary-Kate and Ashley Olsen.

The company publishes the video games "Alias" and "Combat Elite," among others.

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