Peripheral maker Mad Catz has filed for bankruptcy. The company – known for their fight sticks and third party controllers – voluntarily applied on March 30, after they were delisted from the New York Stock Exchange.
The company was delisted due to “abnormally low” stock value. As Gamasutra reports, they have cased all operations, and are currently liquidating all assets. All directors and officers have also resigned.
Late last year, Mad Catz sold off its entire Saitek division for $13 million USD, after reporting a loss of $11 million USD for 2016. At the time, the company laid off 37 percent of its staff during a restructuring effort to cut costs.
"The company had been actively pursuing its strategic alternatives, including various near term financing alternatives such as bank financing and equity infusions, as well as potential sales of certain assets of the company or a sale of the company in its entirety," said Mad Catz CEO and president Karen McGinnis.
McGinnis added that, despite those efforts, a solution couldn’t be found. She went on to thank Mad Catz’ employees for their work.
Mad Catz’ subsidiaries will file for liquidation in their respective countries.