Atari U.S., the North American branch of the game company has filed for bankruptcy.
The Los Angeles Times reports that the company, on Sunday, filed for Chapter 11 reorganization in order to try and break away from their parent company, Atari S.A.
The company's profits have been rather small these past fiscal years. According to the LA Times, the revenue has gone down in recent fiscal years. In 2011, revenue was down 43% and in 2012 was still down by 34%.
Atari is considered one of the founding fathers of the video game industry. Founded in 1972, the company created such iconic titles such as Pong and Asteroids.