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Fundex Games has filed with federal court seeking Chapter 11 bankruptcy protection. The company, maker of What’s in Ned’s Head?, claims $1.5 million in assets but $8.9 million in liabilities.
If you can tolerate a little accounting and bureaucracy, the filing is an interesting read and provides some insight into the business of a game publisher. The company’s 20 largest creditors appear to be mostly manufacturing concerns, with a couple of licensors and design firms.
[source: WSJ]
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What caused sales to drop from over $25 million in 2010 to only $2.5+ million so far in 2012?
Fundex has now and has had some pretty cool lines. They just tried to cater to much to the big box stores and KILLED themselves. We used to carry their products and then they started to selling to the box stores who sold the product for less than we paid. Not only did this hurt the small game stores, but it cheapened the value of their products. Then the big box stores killed Fundex when they started buying off someone different.
I’ve heard similar complaints about the big box economics from some large publishers. Their games are sometimes sold by those stores at a loss, which the publisher feels reduces the perceived value of the products in the eyes of the consumers.