Mad Catz Interactive files for bankruptcy

Published: 31st March 2017 | Source: Mad Catz | Author: Mark Campbell

The peripheral maker Mad Catz has today filed for chapter 7 bankruptcy, with the company now officially ceasing their operations. This comes after years of financial issues, with the company laying off one-third of their staff in February 2016 and being delisted from the New York Stock Exchange back last week.

Below is a comment from Mad Catz CEO Karen McGinnis, who states that the company was unable to find any near-term financing or sell any of the companies assets or the brand in its entirety. This has left the company with no option other than bankruptcy.

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,

Chapter 7 Bankruptcy cannot be recovered from, with all Mad Catz executive having resigned and ceasing all of their operations. Now, all that needs to be done is asset liquidation, which will help to pay off the companies outstanding debt.

Mad Catz Interactive files for bankruptcy

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Most Recent Comments

31-03-2017, 20:41:40

Vicey

Honestly I'm surprised they were able to stay in business so long. Their game pads and steering wheels always felt so cheap to me. What they been doing lately, mice?Quote

31-03-2017, 20:43:47

Permafrost

oh man that sucks, love my R.A.T 5 mouse.Quote

31-03-2017, 20:56:47

Dark NighT

Quote:

Originally Posted by Permafrost

oh man that sucks, love my R.A.T 5 mouse.

Yeah except for the internals, the switches in there are so low quality, often resulting in one click counting as double click after a while of use.

had 3 rat's all with the same issue, but the shape is godly.Quote

31-03-2017, 21:40:52

Dawelio

Their CEO is hot though

Quote

31-03-2017, 22:37:06

jimma47

It's a shame - I put hundreds of hours into the original Gran Turismo with a Mad Catz steering wheel on the old PlayStation. I'm glad that the Saitek division is going to live on with Logitech so hopefully they get some of their old reliability and quality back.

X 52 is still going strong 12 years later!Quote

Mad Catz Interactive files for bankruptcy