Video Game Accessories Maker Mad Catz Interactive Files for Bankruptcy

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Known for their third-party accessories such as controllers and fighting sticks, Mad Catz has a history dating back to the late 1980s in the gaming industry, while the company has unfortunately suffered hard times in recent years and is officially closing up.

Mad Catz Interactive has officially filed for chapter 7 bankruptcy according to a press release, with former boss Karen McGinnis explained that the company “has been unable to find a satisfactory solution to its cash liquidity problems,” which is the umbrella company that houses Mad Catz for its accessories and peripherals, and the audio company Tritton. Mad Catz officially declared its bankruptcy status on March 30th, 2017, with all of the company’s directors and officers having also resigned.

As a result of the bankruptcy status, Mad Catz will see its various company assets liquidated including the offering of its peripherals and accessories – no official word has been outlined yet though for the status of Tritton, though its other subsidiaries will be offered during the liquidation process.

While the news of the company’s bankruptcy is unfortunate, the process has escalated over the past few years due to varying financial factors, including the company’s gamble on providing the accessories for Rock Band 4 in 2015, which didn’t turn the profits that the company had seemed to hope for. In turn, the company’s share prices reached low points that put the company at risk of being delisted from the New York Stock Exchange.

Mad Catz considered other options over the last week such as selling off assets, finding new investment sources, and more, though ultimately no other solutions seemed to be a viable option, leading the company’s management to file for bankruptcy and to begin the liquidation process.

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Related Forum: Gaming Discussion

Source: http://www.dualshockers.com/2017/03/31/mad-catz-declares-bankruptcy/

Comments

"Video Game Accessories Maker Mad Catz Interactive Files for Bankruptcy" :: Login/Create an Account :: 23 comments

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MuskerinoPosted:

I never thought i'd see the day of this happens.

TaigaAisakaPosted:

Shame they filed for bankruptcy. I know a lot of people have different opinions on the company but Madcatz saved my thumbs and palms on GameCube controllers since the ones by Nintendo was hard plastic with the top having rubber that would break off after using it for a while and then the hard plastic would cut your skin during fast movements. Madcatz was either acrylic or full rubber there which was a godsend. Moving over to PC, I love their R.A.T.7, R.A.T.8, R.A.T.9 and R.A.T Pro X mice. Wonderful mice for people with bigger hands or who like to customise it for a certain gripping on the mouse. Even though they're closing up, hopefully somewhere down the line the R.A.T series can be picked up again as I honestly love using these mice for relaxed FPS gaming.

TTG_ONLINER_69ERPosted:

They haven't already went out of business??

TTGn00bsPosted:

Still a shame to see them go.

MickersPosted:

I had one of their modded pads years ago. Absolutely horrible thing.

Two_FacedPosted:

It's because the products sucked. I remember having a controller and I played with a few. Quality was poor, buttons felt weird. the sensitivity was always wonky as F and they always added some sort of whack grip or something that made them feel cheap. Of the other stuff didn't already.

SaikoPosted:

Mad Catz have been around as long as I can remember. Shame to see them go.

DecyPosted:

Sad to see these older company's go down like this... first it was Atari now MadCatz..

Elim8Posted:

I bought RAT 4 about month ago i still love this mouse. Well rest in piece tho.

KyloCruxPosted:

Woah, I never thought i'd see the day of this happens.