Atari Files For Chapter 11 Bankruptcy Protection

It’s time to pull out the ol’ Atari 2600 in memorium, as it could soon be lights out for the house that PONG built.

Both the US and French divisions of the once prominent company have entered bankruptcy protection after main shareholder BlueBay couldn’t find a buyer for the struggling developer. Atari’s company’s current assets are set to be auctioned off before a credit facility is due on March 31st.

It’s crazy to think that how far this company has fallen since its inception and insane growth through the 70’s and 80’s. Things turned very sour for them in 1984, when the Atari 2600 cartridge E.T. was released… and was one of the worst things ever. The video game market crashed shortly afterwards, and the company arguable hasn’t had a real hit since.

Hopefully things turn around for them, for as tarnished as the company’s reputation and resources may be, it would be sad to see them gone completely. Current CEO Jim Wilson stated that by auctioning off current assets, “we will seek to maximize the proceeds in the best interest of the company and all of its shareholders.” Hopefully the name will live to see another day.

In any case, things aren’t sounding good.

Source: Deadline