Games technology firm Beamable will not shut down after it filed for bankruptcy.
Speaking to GamesBeat, Beamable CEO Jon Radoff explained that the company would not lay off its employees, nor will it shut up shop. Rather, the company has opted to go through the bankruptcy process so it can clean up its balance sheet.
Moreover, last month proved to be the best yet for the company since rebranded from Disruptor Beam to Beamable.
“We are not shutting down,” said Radoff.
“We are keeping our employees and last month was the best month we had as Beamable.”
The Boston-based firm filed for bankruptcy earlier this month. It reported $3.4 billion in liabilities and $637,987 in property assets.
As explained by the exec, the company still had commitments that it no longer required. Due to the nature of COVID-19, Beamable employees work from home, which has made its office space redundant.
“The $3 million-plus in liabilities is a lot of liabilities to carry on the balance sheet of a company that is rebooting,” said Radoff.
“The reality of Disruptor Beam was that we built some great games, but we weren’t really able to turn that into a sustainable business where we could crank out hit after hit. But we did create this very valuable technology platform along the way. We will clean up the balance sheet, and then compete like any other startup.”
Beam me up
Before becoming Beamble, the company was games developer Disruptor Beam and was best known for games such as Star Trek Timelines which it sold to Tilting Point.
Moreover, back in March, as Beamable prepared itself to move away from games development, the firm laid off around 10 employees.