Accessory Maker Mad Catz Files For Voluntary Bankruptcy

When it comes to gaming accessories such as gaming controllers or fight sticks, you might think of Mad Catz as being one the companies that makes such devices. Unfortunately it seems that we might no longer be able to expect any Mad Catz products in the future as the company has officially filed for voluntary bankruptcy.

According to the press release, “The Board of Directors has been advised by the Company’s financial advisor and management that no viable strategic alternative in respect of a sale of the Company or other corporate sale transaction is being made available to the Company by any third party. In addition, the Board of Directors has also been advised that the Company’s lenders will not increase the amount of its credit facilities beyond the current levels.”

Apparently the company has been in trouble for the past few years with declining revenue as evidenced by the company’s financial reports, and in 2016 Mad Catz laid off about 40% of their workforce, which is kind of sad for a company that has been in operation since 1989, but we guess these things happen.

According to a source who spoke to Kotaku, “Anyone paying attention to the public financials of the company could see that the company was only heading one way. They have been bleeding cash and saddled with debt. The Tekken sticks you refer to were simply a re-skin of existing product, in fact, other than a new Tritton headset, all product announced from the company over the last year has been a simple reworking of pre-existing hardware.”

Accessory Maker Mad Catz Files For Voluntary Bankruptcy , original content from Ubergizmo. Read our Copyrights and terms of use.

via Ubergizmo http://bit.ly/2oQMtLS

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