Mad Catz files for bankruptcy
Nine lives run out eventually
Mad Catz, the controller company known for their plastic guitars and mice which look like cars from a cyberpunk anime, has filed for voluntary bankruptcy. The company has ceased operations, its directors and officers have resigned, and they're starting liquidation. Mad Catz have been in financial trouble for a fair while and tried to turn it around, including selling their Saitek flight sim line to Logitech in September, but this looks like the end.
Friday's announcement says that Mad Catz have explored many approaches to save the company, including looking into more financing and potentially selling assets or even the whole dang company, but it's not worked out. They do call out "the outstanding efforts" of Mad Catz employees, "especially during the time that the Company faced financial difficulties."
Back in February 2016, Mad Catz announced a restructuring plan that included laying off 37% of its staff. Over the year since, Mad Catz have suffered problems caused partially by lower-than-expected sales of Rock Band 4, which they distributed and marketed as well as making instruments for, as well as increased distribution costs and increased returns. They had kept on launching new products but it wasn't enough. In March faced they delisting from the New York Stock Exchange last week because of its low share price and... here we are.
The liquidation process may yet see other peripheral producers pick titbits from the carcass of Mad Catz. Their current line-up includes the Rat gaming mice, Strike keyboards, and many fightsticks, gamepads, mouse pads, and headsets.