Atari was one of the first, big names in the video game entertainment industry. After taking a back seat to several other game consoles over the last thirty years, Atari has decided to part ways from its parent company by making a unique exit strategy.
Atari was founded in 1972 and instantly became a success with game hits like “Pong”, “Asteroids” and “Tycoon”. Over the years the company has traded hands several times in attempt to recapture its initial fan base and title enthusiasm.
Fast forward to 2008 when the company was delisted from the NASDAQ index, it was bought by Infogrames Entertainment, SA; changing its name to Atari, SA a year later.
Since the buyout in 2008, the company has been working to keep up with the times by capitalizing on mobile gaming through Smartphone applications. However, the company continues to be “starved for funds and unable to finance its continued growth.”
Last week, Atari filed for Chapter 11 bankruptcy protection in efforts to salvage remaining operations and protect the few shareholders it has left.