Sad news for fans of the peripheral maker, Mad Catz. Following months of financial woes after the failed release of Rock Band 4, the company has finally admitted defeat and has declared Bankruptcy.
The company announced in a press release yesterday that they’ve ceased operations and have filed for a Chapter 7 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,” president and CEO Karen McGinnis said. “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 became a leader in gaming peripherals since the early-90s offering an array of third party gaming peripherals for consoles as well as PC peripherals like mice and keyboards. They also began to product gaming headsets after an acquisition of Tritton. However in recent times things weren’t looking good for Mad Catz.
Unfortunately, things really took a dive for the company when they co-published and developed the instruments for Harmonix Rock Band 4. Hoping this would inject some much-needed cash into the company, this did not pay off and left the company in financial turmoil. It probably didn’t help that Harmonix also abandoned ship ditching Mad Catz and signing a co-publishing deal with PDP.
In June last year, Mad Catz and Harmonix both blamed each other for the game’s failure, and with no real telling who was to blame the company tried their best to continue onwards, selling selling off its Saitek line of flight sticks and steering wheels, but only for half the price it acquired it, and eventually being delisted from the New York Stock Exchange.
Rest in peace, Mad Catz, you’ll certainly be missed.