Chicago-based video game-maker faces another loss Posted on November 22nd
252The troubles keep piling up for Midway Games Inc.
The Chicago-based video game publisher, which hasn’t posted a quarterly profit since the end of 2004, reported another loss for the third quarter last week. The company is trying to address liquidity issues amid a tough economy and reduced consumer spending. Midway’s survival could hang in the balance as its majority shareholder, Sumner Redstone, struggles with debt problems across his media empire.
“How much value is left in essentially a few development studios, the ‘Mortal Kombat’ brand and a library of classic games?” asked Ed Woo, an analyst at Wedbush Morgan.
Midway’s stock closed at 29 cents Friday, having tanked 90 percent this year. About a week ago, the New York Stock Exchange told Midway that it had breached a requirement that listed shares close at an average minimum of $1 for 30 consecutive trading days. The company has six months to fix the problem or face delisting.
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