It’s bitter news to hear but one of the providing video game peripheral manufacturers has officially closed its doors. The company Mad Catz which was founded in 1989 has been a household name for plenty of gamers. Today, thanks to a report made by Game Informer, we’re finding out the company has filed for bankruptcy.
It seems that the company has been struggling financially for quite some time and it all came to a head today. Filed for Chapter 7 bankruptcy, there’s no intent to see this company reformed once again. With that said, all of the directors and officers for the company have stepped down.
The last acting president and CEO of Mad Catz, Karen McGinnis, stated the following to Global News Wire.
“Regrettably and notwithstanding that for a significant amount of time the Company has 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, the Company has been unable to find a satisfactory solution to its cash liquidity problems.
The Board of Directors and management would like to acknowledge the outstanding efforts of the Company’s employees in support of its business, especially during the time that the Company faced financial difficulties. The Company would also like to thank the vendors and professional service providers who have supported the Company’s efforts during this time.”
According to Kotaku, a source from the company stated that Mad Catz was heading this way for a long time. In fact, most of the hardware released besides a new Tritton headset, was simply old hardware reworked around.
“Anyone paying attention to the public financials of the company could see that the company was only heading one way. They have been bleeding cash and saddled with debt. The Tekken sticks you refer to were simply a re-skin of existing product, in fact, other than a new Tritton headset, all product announced from the company over the last year has been a simple reworking of pre-existing hardware.”
Currently, assets and inventory from Mad Catz are being sold off.
RIP Mad Catz
1989-2017
