Crazy Game Controller Manufacturer Mad Catz Files For Bankruptcy After Decades Of Innovation
In the words of another group that was super popular in the 2000’s, Mad Catz is “going down, down in an earlier round”. After a rough year, the producer of unique gaming accessories and peripherals has filed for bankruptcy.
According to Mad Catz representatives, “The Board of Directors made the decision to have the Company make a voluntary assignment in bankruptcy after considering various strategic alternatives, the interest of various stakeholders of the Company as well as a number of other factors.” Mad Catz filed for a “voluntary petition for relief under chapter 7 of U.S. Bankruptcy code” in order to start a liquidation of their assets on March 30th. All of their directors and officers have also resigned.
Mad Catz was founded in 1989 and focused on gaming mice, control pads, memory cards, connection cables, headphones. The company was quickly incorporated in Canada and later headquartered in San Diego, California. As Mad Catz grew, they also produced their own games and accompanying hardware. Their MC2 Racing Wheel for the PlayStation received the Golden Award by Incite Video Gaming Magazine in 2000. The company riding high as late as 2015.
So what happened? Three words: Rock Band 4. Mad Catz announced in 2015 that it would co-publish Rock Band 4 along with Harmonix and produce the controllers for it. Under the agreement, Mad Catz was in charge of pretty much everything but digital sales and content.
Unfortunately, Mad Catz may have put too many eggs in one basket. The game did not do as well as anticipated, and the company was forced to lay off 37% of its workforce in February 2016. The lay offs were preceded by a number of director resignations. This past autumn, Logitech acquired Saitek, Mad Catz's simulation controller brand. To top everything off, this past March the New York Stock Exchange reported to the company that they would soon be delisting them because of their “abnormally low” stock vale.
Rest in peace you cool Catz. Your unique mark on the gaming world will be missed.
Mad Catz was founded in 1989 and focused on gaming mice, control pads, memory cards, connection cables, headphones. The company was quickly incorporated in Canada and later headquartered in San Diego, California. As Mad Catz grew, they also produced their own games and accompanying hardware. Their MC2 Racing Wheel for the PlayStation received the Golden Award by Incite Video Gaming Magazine in 2000. The company riding high as late as 2015.
So what happened? Three words: Rock Band 4. Mad Catz announced in 2015 that it would co-publish Rock Band 4 along with Harmonix and produce the controllers for it. Under the agreement, Mad Catz was in charge of pretty much everything but digital sales and content.
Unfortunately, Mad Catz may have put too many eggs in one basket. The game did not do as well as anticipated, and the company was forced to lay off 37% of its workforce in February 2016. The lay offs were preceded by a number of director resignations. This past autumn, Logitech acquired Saitek, Mad Catz's simulation controller brand. To top everything off, this past March the New York Stock Exchange reported to the company that they would soon be delisting them because of their “abnormally low” stock vale.
Rest in peace you cool Catz. Your unique mark on the gaming world will be missed.
