Infogrames redraws plans for U.S. Atari unit's financial losses |
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Infogrames has finally decided to put its foot down as it announced recently that it will be unveiling plans to restore profitability to its U.S. affiliate Atari Inc. The latter has been blamed for causing huge operating losses at the group level.Infogrames CEO Patrick Leleu announced his plans in a recent shareholders' annual meeting:
As I said in June, we are negotiating with the management and the board of Atari Inc. to restore (financial) equilibrium. We are looking after the interests of Infogrames and its shareholders. We are trying to negotiate action plans; talks are continuing. I should be able to announce some things rapidly.
Leleu took over the company last April, succeeding Infogrames founder Bruno Bonnell. Bonnell left the company after managing it for 24 years due to problems encountered in trying to wipe out the company's heavy debts and funding development in the money-hungry video games industry.
Currently, Atari is facing a continued operations loss of over US$ 66.6 million. Only time will tell if Leleu will be able to rise above the company's current financial slump. So far no word has been heard whether or not Infogrames plans to sell their Atari unit or not.
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