Mad Catz files for bankruptcy
Back in 2016, Mad Catz entered a partnership with Harmonix to supply the controllers for Rock Band 4. Sadly, last year was not that good for the US company, since it had to lay off around one-third of its entire workforce. Now, it all comes to an end as Mad Catz files for bankruptcy.
Last week, the New York Stock Exchange delisted Mad Catz due to its "abnormally low trading price" and, after that, the company's financial advisor said there is "no viable strategic alternative in respect of a sale of the Company or other corporate sale transaction" available.
"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," said Mad Catz CEO and president Karen McGinnis in a statement.
Mad Catz Interactive was founded back in 1989, in the meantime becoming well-known as the company behind Mad Catz and GameShark gaming products, TRITTON audio products, but also developed hardware under the Saitek brand. The company also published games under the Mad Catz brand, developed flight simulators through its ThunderHawk Studios, and distributed games and video game products from third parties.