Video game maker THQ Inc said on Wednesday it filed for bankruptcy, and private investment firm Clearlake Capital Group has offered to buy its assets.

THQ has filed voluntary petitions under Chapter 11 in U.S. Bankruptcy Court for the District of Delaware to facilitate a sale of the assets of its operating business including its four studios and games in development.

Shares of THQ, which were briefly halted before the announcement, plummeted more than 60 percent to less than 50 cents after they resumed trading in the late afternoon.