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Atari files for bankruptcy

24 January 2013 | Category: Electronics

The iconic video games company has strategically moved to file for bankruptcy in the US to separate itself from its loss making French parent company.

Atari Inc based in New York, wants to sell separate after the parent company Atari admitted that it was struggling financially. The French company haven't made a profit since 1999 despite numerous restructuring attempts. According to its Chapter 11 petition Atari owes between $10 - $50 million to various creditors.

Atari was one of the early pioneers of the video games industry which started over 40 years ago. Atari developed the iconic and Asteroids. Atari only has 40 employees based in the US and hopes to seek funding after filing for bankruptcy.

Since 2010, Atari Inc has shifted its focus from retail games titles to mobile, web and tablet games.

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