After years of financial problems, hardware maker Mad Catz filed for bankruptcy in the US and Canada yesterday, the company informed via an official press release.
Before resigning, all officers and directors at the company’s board of directors authorized and approved the bankruptcy that made the Mad Catz ceased all its operations on March 30th.
With Chapter 7 Bankruptcy in the US, Mad Catz will start “an orderly liquidation of the assets.” In Canada, the company’s properties has been assigned to PricewaterhouseCoopers as the trustee in charge of Mad Catz’s liquidation.
Mad Catz has been in serious problems especially after it laid off 40% of its employees due to the major investments in co-publishing Rock Band 4 and developing instruments for the game. Unfortunately, the title failed to attract enough fans in the last months of 2015. Also, last week, Mad Catz was delisted from the New York Stock Exchange.
Since its beginnings in 1989, the company focused on various gaming accessories and peripherals.
[Source]: Mad Catz (via GlobeNewsWire): Mad Catz® Makes Voluntary Assignment in Bankruptcy under the Bankruptcy and Insolvency Act (Canada).
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