Iconic game publisher Atari US filed for Chapter 11 bankruptcy today in an effort to separate from its struggling French parent, Atari SA, formerly known as Infogrames. The move means that Atari will end up selling off its logo and many of the classic titles, such as Pong, Centipede, Asteroids and Tempest.
Atari US has increased its focus on mobile and digital games in recent years, with the PC retail release of the original Witcher 2 being one of the last noteworthy titles on the publisher's slate. In a statement, the company says this move will help its US operation grow without the burden of an unprofitable parent company weighing it down. The company tried to cut its losses when it "divested" itself from Test Drive Unlimited developer Eden Games last year.
The LA Times offers a more in-depth financial look at Atari's situation, noting that the company has already lined up extra financing from Tenor Capital Management.