Having weathered the storm of the 1983 video game industry crash longer than most, Coleco Industries, maker of the early ’80s Colecovision video game system, files for Chapter 11 bankruptcy protection. At the time of the filing, Coleco is America’s sixth largest toy company, but the video game industry isn’t its downfall. Overproduction of the company’s Cabbage Patch Kids toys has proven to be fatal, with two straight years of annual losses exceeding $100,000,000. The remains of Coleco are eventually bought up by rival toymaker Hasbro.
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