38 Studios couldn’t raise enough money from outside investors despite Schilling’s efforts to keep it afloat. “We tried for a long time to do that and it didn’t come to fruition,” he reveals in his first interview since his company went bankrupt two weeks ago.
The company had to close its doors and lay off all of its 300 employees in both Rhode Island and Maryland.
“It’s been kind of a surreal 60 days, 75 days,” Schilling said. “It’s crushing and devastating to see it fail the way it did.
Schilling himself invested more than $50 million of his baseball career’s earnings in the company, but that and the additional funds from investors and the $75 million loan from the state of Rhode Island wasn’t enough.
“The money I saved during baseball was probably all gone,” Schilling said. “I’m tapped out.”
“I’m not asking for sympathy. It was my choice. I chose to do this, I wanted to build this, I wanted to create the jobs and create something that had a long-standing, world-changing effect. And we were close. We were close to getting there, and it fell apart.”