Mad Catz, originally founded in 1989, has officially announced it will be shutting its doors and filing for Bankruptcy. Any assets the company owned will be sold to the highest bidder from its new trustee, PricewaterhouseCoopers Inc., as highlighted in an official announcement made today.
“Pursuant to the assignment in bankruptcy, PricewaterhouseCoopers Inc. (“PWC”) has been appointed as the trustee in bankruptcy of the Company’s estate. The Company’s wholly-owned subsidiary, Mad Catz, Inc., ceased operations and also has filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy Code to initiate an orderly liquidation of the assets of the Company. In addition, certain of the Company’s other subsidiaries have filed or will file for liquidation under comparable legislation in their countries of origin.”
Mad Catz was most known for their gaming peripherals, which ranged from third party controllers such as PlayStation and Xbox controllers to Rock Band and Guitar Hero controllers. The company also made accessories like screen protectors, carry bags, and much more. Mad Catz also owned the TRITTON branded gaming headsets and R.A.T. gaming mice lines.
Nine Lives No More
Mad Catz seems to have been in financial trouble for years with revenue declining for some time. Back in 2016, Mad Catz laid off nearly 40 percent of its own workforce and at one point, the company was even notified by the New York Stock Exchange that they would be delisted if the company’s stocks continued to plummet.
Last week, the company was officially delisted.
A source for Kotaku also mentioned the company was “bleeding money for years” and the the Tekken 7 arcade sticks they were developing were simply going to be a re-skin of an already existing product. What’s more, this reworking and reskinning of existing products also included other upcoming products, such as TRITTON headsets.
Stay tuned to GameSkinny for more information regarding Mad Catz bankruptcy and any future developments from the former company.