Acclaim sunk?
Reports out today that Acclaim, the game manufacturer recently let go 600 employees with no warning.
They are also expected to file for Chapter 7 bankruptcy protection this week.
The company reported a net loss of $56 million for its fiscal year ended March 31. Its stock is currently trading around 5 cents a share.
Under Chapter 7 bankruptcy, Acclaim will likely ask the bankruptcy court to discharge most debts it currently carries, with creditors given a priority ranking by the administrative court and money distributed according to a court-ordered plan.
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