Mad Catz has announced that it has filed for bankruptcy under the provisions of the Bankruptcy and Insolvency Act in Canada. The company’s directors and officers of the company have also resigned as of 30th March.
A statement was released:
“Regrettably and notwithstanding that for a significant amount of time the Company has been actively pursuing its strategic alternatives,” Karen McGinnis, President, and CEO of Mad Catz said. “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. 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.”
The company came to the decision that there was no other alternative, including sale of MadCatz to save it. The company was also barred from obtaining any further loans.
The final nail in the coffin for the company was the failed investment in Rock Band 4 losing them $11 million for their troubles.
Mad Catz were always well known for creating wacky looking controllers for many years, and were well know for their arcade fighting sticks.