Atari is the company credited with the sudden 'jolt' of interest in video games and consoles that hit in the late 70's, and is famous for its early works of art 'pong' and 'asteroids', as well as the Atari 2600 console that ignited a revolution and is credited with popularizing the use of microprocessor-based hardware.
Apparently Atari has run out of charm, because as of the year following the company's 40th anniversary, Atari has filed Chapter 11 bankruptcy. The company filed it mostly because of it's counterpart located in France, which is utilizing a similar financial maneuver in order to refinance both companies rather than lose them completely.
Though Atari perceives this sudden fall as a means of reorganizing, it won't be without it's hiccups and glitches. Right now most of Atari's assets are up for sale, including their iconic titles “pong” and “asteroids”, as well as “test drive”.
Atari hasn't had a good break in a while, so some say that this has been a long time coming, despite the company's attempt to shift to developing and licensing games for modern digital hand held devices. The general rumor is that Atari will either rebound from this or come back under a different name.