The company of Coleco was founded in 1932 by Maurice Greenberg and was originally called the Connecticut Leather Company and produced shoe leather and leather kits. By the mid-1960's the company had moved to making plastic moldings, and by 1976 with Arnold Greenberg, the company had gotten into the video game business with the release of the Telstar. Shortly after, Coleco moved into the handheld market which at the time was dominated by Mattel. After a string of competitive and educational handheld releases, Coleco once again dove into the home console market with the Release of the ColecoVision in 1982. But due to the video game crash in 1983, sales for all home consoles fell dramatically especially with the rise of the Personal Computer. To counteract the falling console sales, Coleco released their own version of the personal computer with the Coleco Adam. This ended up being a monumental failure for the company and not even the successes of the Cabbage Patch Kids and ALF dolls could keep the company from going under. In 1988, Coleco filed for Bankruptcy and by 1989 their assets were purchased by another huge toy company, Hasbro. In 2005, the Coleco brand was reintroduced by River West Brands with the introduction of the Coleco Sonic which contains and emulates 20 Sega Master System and Game Gear games.