Atari Files For Bankruptcy in a Bid To Save a Legendary Brand

The leadership of Atari Inc., what’s left of the gaming legend behind Pong and the Atari 2600, is filing for Chapter 11 bankruptcy protection in an effort to free the company from French parent Atari SA, formerly Infogrames, reports the Los Angeles Times. An unnamed "knowledgeable person" says that the plan is to develop Atari, Inc. into a "modest" business based on "digital and mobile platforms," presumably along with licensed merchandise, which CEO Jim Wilson says brings in about 17 percent of the company's revenues.

The report notes that Atari Inc.’s fortunes have been improving lately, thanks in part to the success of mobile titles like Atari Greatest Hits. And according to the Times, the company has several offers on the table for the $5.25 million it needs in debtor-in-possession financing in order to continue its operations. If its Chapter 11 efforts are successful and Atari finds a new buyer, it could possibly make a comeback, unobstructed by its considerable debt to London-based BlueBay Asset Management. [TheVerge]

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HMV Closes it's Doors After a Legendary Journey Since 1921

As the picture above shows though, HMV's history goes back much further than that. Its first store opened in 1921 under an elaborate neon sign featuring the company's emblem of a dog listening to a gramophone beneath the words "His Master's Voice."

Fast forward to today and the old-school seller has suffered gravely from the same online shift that has affected many others. It has called in administrators after failing to negotiate new terms over its bank debt, and unless a buyer steps up to take over the chain's 240 stores then as many as 4,350 people will be let go.

According to Metro, the many HMV gift vouchers that would have been given and received over Christmas are now effectively "worthless." On the other hand, the British personal finance guru Martin Lewis reckons gift vouchers shouldn't be thrown away as they may be redeemable one day, or there may be a chargeback option if they were purchased with a credit card.


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