Facing losses of over $11 million, Atari CEO David Pierce resigned yesterday, as the publisher also gave up the license to the Test Drive series to parent company Infogrames.

After a staggering fiscal year loss of $69 million, along with a net loss of $11.9 million in three months, Atari CEO David Pierce has resigned.

Atari’s increasing losses forced the company to take a $10 million loan from parent company Infogrames, who had promised major restructuring of the publisher, after laying off 20 percent of its workforce this summer. In the interim, Curtis G. Solsvig III has taken over as CEO of Atari.

Announcing their complete withdrawal from the production business, Atari will now be focusing solely on publishing and distribution. Atari also licensed the Test Drive series to Infogrames for $5 million in royalties to continue the franchise.

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