Mad catz, maker of gaming peripherals, files for bankruptcy
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Mad Catz, known for her gaming peripherals and accessories, announced on Friday that she filed a petition under the 7th Chapter of the United States Bankruptcy Code after not finding any buyers or potential investors.
Mad Catz, goodbye to one of the most veteran companies in the PC Gaming segment
Mad Catz Gaming Strike 7 Hero Keyboard
The company, founded in 1989, manufactured for decades accessories (keyboards, mice), headphones and controls for consoles and PCs, as well as other devices under the Mad Catz and Tritton brands.
The fact of having filed for bankruptcy under the 7th Chapter means that the company no longer has plans to reorganize, so its only objective right now is to liquidate all the assets it has and suspend the current board of directors, whose members have already abandoned their positions after the announcement of the company.
One of the main reasons for Mad Catz's failure was the low sales of its latest products. Specifically, the poor sales of Rock Band 4 at the end of 2015 shook the company after betting on designing multiple accessories for the game.
Mad Catz gaming mouse
Mad Catz RAT 6
Gaming controller
At the time, the company advised investors that it needed Rock Band 4 to succeed in order to stabilize its situation, but that did not happen, and Mad Catz recorded huge losses of about $ 4 million in the quarter following the launch. of the game.
In February 2016, the CEO and President of Mad Catz left his post, and the company laid off almost 37% of its staff. To get back on its feet, it launched a strategy to increase its value against shareholders, although its shares did not stop falling and even reached 10 cents in recent weeks, causing its removal from the New York Stock Exchange last month..
It is a pity that a company with such popular and reliable products disappears from the gaming landscape. It is unexpected news and hopefully its developers and designers continue to work together to create products under a different brand.
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