Software company Imagic, which started out marketing games for the Atari VCS before branching out into the Intellivision, Colecovision, home computer and even Odyssey2 markets, nixes plans to sell public stock in the company. Shortly afterward, 40 of Imagic’s 170 employees are laid off, with every indiciation that more employees will follow as the company tries to stay afloat. Potential investors are told that Imagic’s initial public offering has been delayed until early 1984, but stock in the company is never sold.
