Mad Catz shuts down, files for chapter 7 bankruptcy

It’s the end of the road for Mad Catz Interactive as the gaming peripheral maker has filed for chapter 7 bankruptcy after betting the house on Rock Band 4.

As per the filing, all of Mad Catz’s directors and officers have resigned. The company will be liquidating all of its assets with proceeds from the sales going directly to its lenders. Subsidiaries such as audio company Tritton are also expected to shut down and liquidate their assets.

The bankruptcy news isn’t entirely surprising if you’ve kept tabs on the company as of late.

As Polygon recounts, Mad Catz CEO Darren Richardson and Chairman Thomas Brown both stepped down in February 2016 ahead of a corporate restructuring that saw the company shed 37 percent of its workforce.

In September, Mad Catz sold its Saitek brand and line of space, flight and farm simulation controllers to Logitech for $13 million in cash. This past January, the company received word that it was at risk of being delisted from the New York Stock Exchange and last week, the exchange made good on that promise due to the “abnormally low” trading price of its common stock.

Mad Catz was founded in 1989 and produced a wide range of gaming accessories and controllers over the years.
Courtesy: http://techspot.com

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