|JoWood is no more|
|Posted: 21.04.2011 19:48 by JonahFalcon||Comments: 10|
It is the end of an era as longtime European publisher JoWood has shuttered its doors for good, as it has declared insolvency. The company had filed for bankruptcy in January. The company had been founded in 1995.
JoWood might have been rescued, when last month two potential investors were interested in the company. The company failed to achieve its recovery plan, however. In the first nine months of this fiscal year, the company recorded a net loss of over €25 million.
JoWooD employed a total of 85 people across Europe and North America, with approximately 20 to 25 based in Austria. Its share price has been steadily declining since 2000, with a crash in 2003 that the company never really recovered from despite rallying briefly in the beginning of 2006.
JoWood published such titles as Gothic 3 and Arcania: Gothic 4, Spellforce and Painkiller, as well as Torchlight. The fate of Arcania: Fall of Setarrif is in limbo at the moment. The Gothic franchise will soon revert back to original developer Piranha Bytes, so it's possible that the dev will shepherd the standalone expansion.