Gaming accessory maker Mad Catz files for bankruptcy, seeks to liquidate assets

Video game accessory company Mad Catz, known for its low-price gaming controllers, headsets, and fightsticks — as well as its work with Harmonix on Rock Band 4 — has filed for bankruptcy and for a motion to liquidate all assets.

All of the company’s directors resigned on March 30, and Mad Catz has already ceased operations. The first signs of trouble surfaced last year, when the company’s share value on the New York Stock Exchange took a dive down to just 30 cents, and CEO Darren Richardson resigned from his position.

Given the move to liquidate its assets, it looks like this will be the end of Mad Catz. There doesn’t appear to be any prospective buyers that would be able to bring it back from the dead.

“The board of directors has been advised by the company’s financial adviser 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,” Mad Catz said in a press release.

Rock Band 4, a return by Harmonix to the plastic instrument-based music game world, appears to have expedited the demise of Mad Catz. The game didn’t produce the revenue that the company had needed, and it experienced a year-over-year net loss of $3.5 million dollars. Earlier this week, Mad Catz was delisted from the New York Stock Exchange completely over an “abnormal” share price.

Though its early third-party controllers were typically the type of “extra” ones you’d keep around for when a friend came over to play Xbox, the quality of the company’s products did rise in recent years. Killer Instinct‘s official fightstick was produced by the company and received solid reviews, and a recent line of Street Fighter V controllers were created to replicate the feeling of a large fightstick in the palm of your hand.

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