Peripheral Manufacturer Mad Catz Files for Bankruptcy

Acclaimed third-party controller developer Mad Catz is filing for bankruptcy. The Mad Catz Board of Directors have made the decision to assign for bankruptcy after consulting with a financial advisor last year concerning their current situation and looking for alternatives. However, they found no alternatives. As of March 30, the directors and officers of Mad Catz resigned from the company. The President and CEO of MadCatz, Karen McGinnis said in a quote:

“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.”

Mad Catz was founded in 1989 and was known for its gaming controllers and accessories. While some of the company’s controllers weren’t well received, their line of arcade sticks were among favorites in the fighting game community for their strong build and responsiveness. They have been in the business for a while, so this a historical closure in the industry.