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Mobile game developer Clover Games has officially filed for corporate bankruptcy, unable to recover from ongoing financial deterioration and capital exhaustion, the company announced Tuesday. All games operated by the company, including fan favorites, will be shut down on May 9.

Popular Titles, Devoted Fans, and Financial Strain

Clover Games, led by CEO Yoon Sung-guk, garnered a devoted following through titles such as Lord of Heroes, HeavenHells, and Ayakashi Rise. Despite international and domestic popularity, the company was caught in a relentless cycle of deficits, facing fierce competition in the crowded mobile gaming market.

CEO Yoon personally invested over ₩3 billion in an effort to sustain operations over the past three years, striving to secure liquidity and keep the games alive. However, the company’s capital eventually became fully depleted, leaving no path to recovery and prompting the bankruptcy filing.

User Protections and Shutdown Timeline

To mitigate losses for players, Clover Games proactively blocked all in-app purchases on May 6. Rather than an immediate shutdown, servers will remain active until 11:00 p.m. on Saturday, May 9, allowing users to continue playing for a short period. The company cautioned, however, that an earlier termination is possible depending on the terms of service with third-party server providers or their decisions following the bankruptcy process.

A Personal Plea from Leadership

In a statement, CEO Yoon Sung-guk expressed deep regret: “I did everything in my power to continue the service, and I apologize for having to deliver this painful news that we can no longer provide a complete service to the end.” His words underline the personal and financial toll of attempting to sustain the company against insurmountable odds.

The closure of Clover Games highlights the high-risk nature of the mobile gaming industry, where even popular titles and passionate fan bases cannot always counteract mounting operational costs, stiff competition, and capital depletion.