Peripheral maker Mad Catz has announced that it has ceased operations and filed for chapter 7 bankruptcy “to initiate an orderly liquidation of the assets of the Company.”
CEO Karen McGinnis said in a statement
Regrettably and notwithstanding that for a significant amount of time the Company has been actively pursuing its strategic alternatives, 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.
McGinnis and the rest of the company’s officers and directors voluntarily resigned yesterday. PricewaterhouseCoopers have been appointed as the trustee to handle the company assets.
Previously, Mad Catz sold off its Saitek line to Logitech in 2016 for $13 million, less than half of what it paid for the company back in 2007.
Mad Catz has made peripherals including mice, headsets and most recently, the band equipment for Harmonix’s Rock Band 4 which it co-published and failed to meet expectations and saw the two companies part ways.