Although around for decades (31 years to be exact) , Atari US have been suffering financial difficulty with profits only showing in the last two years after a decade. Currently the company CEO Jim Wilson has been trying to rebuild the company by developing web based games , reintroducing classics in a greatest hit compilations (Atari Flashback) and using the licensed Atari logo on clothing and other items.
The chapter 11 petition was done in an effort to break away from the parent French company Atari S.A. (formally known as Infogrames). The company hopes to become a private company that focuses on more casual videogame platforms, such as cell phones and browser game development.
No news yet as to who may be interested in purchasing the company, but I hope they go to good hands (no EA, you are not good hands).
Source: L.A Times
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