US operations of noted game maker Atari has filed for Chapter 11 bankruptcy protection so that it may separate itself from its parent company.
The History Behind Atari
Founded in 1972, Atari helped launch the modern videogame industry with iconic games such as missile command Paul and space invaders. It began the home video game industry craze with its introduction of the revolutionary Atari 2600. Over the years the once profitable game maker has fallen on hard times.
In 2008, the company was removed by NASDAQ for not maintaining a minimum market value.
The company issued a statement stating quote the Chapter 11 process constitutes the most strategic option for Atari’s US operations, as they look preserve their inherent value and unlock revenue potential unrealized while under the control of Atari SA”. During this period, the company expects to conduct its normal business operations.
The Chapter 11 bankruptcy filing comes a month after the French parent company announced it was strapped for cash. Atari SA has not been profitable since 1999. In its latest forecast Atari SA announced that it would record a significant loss for the 2012 two 2013 fiscal year.
Atari seeks to separate itself from the French parent company Atari SA along with its affiliates Atari interactive, humongous, and California US holdings.
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