Editing JT Storage (section)

=== Demise ===
The company secured $25 million in finances in September 1997.<ref>{{Cite web |date=1998-01-27 |title=JTS Corp. Press Release |url=http://www.jtscorp.com/press.92697.25million.html |access-date=2024-09-12 |archive-url=https://web.archive.org/web/19980127040418/http://www.jtscorp.com/press.92697.25million.html |archive-date=1998-01-27 }}</ref> But even with the cash infusion from Atari and the investments, JTS quickly ran out of money. On March 13, 1998, JTS sold the [[Atari]] name and assets to [[Hasbro Interactive]] for $5 million,<ref name="ataritohasbro">{{cite web|url=https://www.gamespot.com/articles/atari-goes-to-hasbro/1100-2462915/|title=Atari goes to Hasbro|publisher=GameSpot|date=April 28, 2000}}</ref> less than a fifth of what [[WarnerMedia#Warner Communications (1972–1990)|Warner Communications]] had paid the [[Atari, Inc.|original Atari company]] 22 years earlier. On two occasions in April, JTS staff were [[laid off]] including some former long-time Atari individuals, and the company was soon forced out of [[American Stock Exchange|AMEX]].<ref name=":1">{{Cite web |last=Thomas, Jr. |first=Donald A. |date=2006-03-12 |title=-1998- |url=http://www.icwhen.com/book/the_1990s/1998.shtml |access-date=2024-09-12 |website=ICWhen.com|archive-url=https://web.archive.org/web/20060312080624/http://www.icwhen.com/book/the_1990s/1998.shtml |archive-date=2006-03-12 }}</ref> Later that year, on December 11, JTS filed for [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy protection]],<ref name=":1" /> with a reported $4.2 million assets and $136 million of [[Liability (financial accounting)|liabilities]].<ref name=":0" /> However, on January 28, 1999, the company was closed down for good when its filing was ultimately converted into [[Chapter 7, Title 11, United States Code|involuntary Chapter 7 liquidation]] by the bankruptcy courts.<ref>{{Cite web |last=Thomas, Jr. |first=Donald A. |date=2006-03-12 |title=-1999- |url=http://www.icwhen.com/book/the_1990s/1999.shtml |access-date=2024-09-12 |website=ICWhen.com|archive-url=https://web.archive.org/web/20060312080444/http://www.icwhen.com/book/the_1990s/1999.shtml |archive-date=2006-03-12 }}</ref> Its president and CEO, Tom Mitchell, returned to the disk storage industry the following year when he founded Fabrinet.<ref>{{Cite web |last=Maleval |first=Jean Jacques |date=2022-11-06 |title=History 2000: Return of Tom Mitchell to Storage Industry |url=https://www.storagenewsletter.com/2022/12/01/history-2000-return-of-tom-mitchell-to-storage-industry/ |access-date=2024-09-12 |website=StorageNewsletter |language=en-US}}</ref>