Mad Catz Files for Bankruptcy

Mad Catz Files for Bankruptcy

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.



 

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Comments Comments (7)

 
Posted by Zolen
On Monday 3 Apr 2017 1:45 PM
1
Thats a shame - but its not too surprising the Saitek range was their best product.
 
 
 
Posted by Bank
On Monday 3 Apr 2017 1:54 PM
1
Long live the kiddies MadKittens PS2 driving wheels...
 
 
 
Posted by Unfathomable-Ruination
On Monday 3 Apr 2017 2:05 PM
1
3 April 2017, 01:45 PM Reply to Zolen
Thats a shame - but its not too surprising the Saitek range was their best product.
Lucky Logitech acquired Saitek before all this went down.
 
 
 
Posted by kniteowl
On Monday 3 Apr 2017 2:26 PM
2
That's a shame. Liked their arcade sticks. Still have my TE SF4 one lying about...
 
 
 
Posted by ThatUndeadLegacy
On Monday 3 Apr 2017 5:10 PM
1
I bought the rock band 4 guitar, what a f**king idiot.
 
 
 
Posted by Unfathomable-Ruination
On Tuesday 4 Apr 2017 12:01 AM
1
3 April 2017, 05:10 PM Reply to ThatUndeadLegacy
I bought the rock band 4 guitar, what a f**king idiot.
Don't be sad guy, I did the same thing. It was cheapish and there's still a heap of Dec.
 
 
 
Posted by jtbthatsme
On Tuesday 4 Apr 2017 8:15 AM
1
Having being one of the top off licence peripheral makers for a long time it'll be odd not seeing them around anymore.