Peripheral maker Mad Catz has filed for bankruptcy just over a week after receiving word it was being delisted from the New York Stock Exchange.
The firm voluntarily applied for bankruptcy on March 30, and has ceased operations as it begins to liquidate its assets. All directors and officers still working at the accessory maker have resigned effective immediately.
Mad Catz’ other subsidiaries will also be filing for liquidation in their respective countries of origin.
While unfortunate, the news won’t come as a surprise to many. The company had been struggling in recent months, and was ultimately forced to sell off its entire Saitek division for $13 million after reporting a full-year loss of $11 million during 2016.
During that trying period, the company also outlined plans to lay off 37 percent of its staff as part of a cost-cutting restructuring plan.
“The company had 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,” explained Mad Catz president and CEO, Karen McGinnis.
McGinnis goes on to explain that, despite its best efforts, Mad Catz was unable to find a “satisfactory solution to its cash liquidity problems,” before thanking employees for their continued efforts.
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2017