Mad Catz officially declares bankruptcy

[theSovietConnection]

Some likely saw it as an inevitability after last week's news of the delisting from the stock exchange, but long-lived peripheral maker Mad Catz is no more. Earlier today, they declared chapter 7 bankruptcy, also declaring that they will cease total operation and that all their subsidiaries would be following suit.

While I don't always think their peripherals were of the best quality, I still think it's unfortunate that a company that had been around as long as they were is no more. All the best to their employees, and hope they do well in their future endeavours.


Source [https://www.overclock3d.net/news/input_devices/mad_catz_interactive_files_for_bankruptcy/1]

 

[Raddra]

See, this is the problem with April 1st. I have no idea if this is real or not..

 

[theSovietConnection]

See, this is the problem with April 1st. I have no idea if this is real or not..

Ordinarily I'd be skeptical as well, but given their recent financial troubles, and that most of the stories I've seen for it were published at noon on the 31st, I do think it's genuine.

 

[Bilious Green_v1legacy]

Apparently its real, it was reported in various financial news reports. The company has been in trouble for a while.

 

[bjj hero]

I hope their employees find work quickly.

 

[theSovietConnection]

I think I bought a controller for SNES or PS1 from them before. It was pretty awful, so this news is not at all surprising. In fact it's surprising they lasted this long in such a tough market. Hopefully their people will find more stable work in short time, and hopefully upper management learned something.

The timing of the announcement kinda helps to obfuscate the blow at least.

 

[Bilious Green_v1legacy]

Apparently they gambled heavily on a new Rock Band game and the associated instrument peripherals that they manufactured for it, but it didn't sell anything like what they hoped and they got left with huge amounts of dead stock. They also don't have a particularly good rep for controllers (with the exception of some of their fightsticks), so it was hard for them to even fall back on more traditional peripheral sales, although they did release a bunch of Street Fighter V branded sticks and controllers in 2016, but I don't know how well they sold. They also sold their subsidiary Saitek a few months ago, and laid of about half their staff in late 2016, so it's been pretty clear for a while that they were on their last legs.

 

[klaynexas3]

It's a shame, they seemed to have been working really hard to actually turn around their name and provide quality products, which I can respect.

 

[Poetic Nova]

Can't say I'm sad over this, with their build quality shown in the past.
Just hope the employees can find new work soon.

 

[BrawlMan]

Can't say I'm sad over this, with their build quality shown in the past.
Just hope the employees can find new work soon.

Yea, Mad Catz were known for having poor quality controllers back in PS1/PS2 days; especially during the PS1 era. They got better during the 7th gen, but sadly that was not enough to sustain them financially. I will miss them, despite never being a fan of them.

 

[Elfgore]

I'm gonna be honest, I didn't know they were even in business anymore. It has been almost a decade since I last saw one in a store and I kinda just assumed they went out of business due to their controllers being shite.

Hopefully those out of a job can land a new one easily.

 

[Souplex]

But now who will make the terrible third-party controllers your non-gamer relatives give you for your birthday that you give to your least favorite friend in multiplayer?

 

[PhoenixMaster]

That's very sad to hear. I hope all their employees get jobs very soon. It sucks to hear businesses shutting down like this.