The holiday season is not all that festive and bright for GameTek this year. In fact, it's downright bleak.
The software developer has filed for bankruptcy.
The company announced that it has filed a petition for reorganization under Chapter 11 of the Bankruptcy Code with the US Bankruptcy Court, Middle District of North Carolina.
GameTek was done in by poor sales and development delays.
"We are hopeful that this filing will provide us with the ability to work out suitable arrangements with our creditors, while preserving our existing development operations and the value of our intellectual properties," said Robert L. Underwood, GameTek's chief financial officer, about the filing.
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