Mad Catz, the company who has made various PC and console gaming peripherals for nearly 30 years, recently filed for bankruptcy. All of the company’s directors and officers have resigned, and its assets will be eventually liquidated.
However, this file for bankruptcy isn’t much of a surprise, given Mad Catz last few years of financial troubles and declining revenues. Last year, the company ended up having to lay off nearly 40% of its workforce following an investment in creating peripherals for Harmonix’s Rock Band 4. Additionally, in January this year, the company was given a listing deficiency notice from the New York Stock Exchange, just after announcing a new line of Tekken 7 arcade sticks. Just last week, Mad Catz was delisted from the stock exchange, with its shares dropping to $0.04.
The next step for the company will likely be to sell off its remaining assets and inventory and use that money to help pay off creditors.
Published: Apr 2, 2017 05:30 pm