Legendary Controller Manufacturer Mad Catz Files For Bankruptcy

Many of us know Mad Catz as that aftermarket controller manufacturer. The one friend of yours always had a Mad Catz controller for the second player because they were always cheaper than the first-party controller. Regrettably, Mad Catz Interactive has announced today that it has filed for bankruptcy under the provisions of the Bankruptcy and Insolvency Act of Canada.

This means no more Mad Catz controllers. As of March 30, all of the company's directors and officers have resigned as of March 30.

“Regrettably and notwithstanding that for a significant amount of time the Company has been actively pursuing its strategic alternatives," Karen McGinnis, President, and CEO of Mad Catz said. "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, the Company has been unable to find a satisfactory solution to its cash liquidity problems. The Board of Directors and management would like to acknowledge the outstanding efforts of the Company’s employees in support of its business, especially during the time that the Company faced financial difficulties. The Company would also like to thank the vendors and professional service providers who have supported the Company’s efforts during this time.”

Mad Catz made the decision for bankruptcy after their financial advisor and management said there was no viable strategic alternative, including a sale of the company.

Mad Catz most successful venture was their arcade sticks

Founded in 1989, Mad Catz focused on third party controllers and peripherals. Early on, they were known for being cheaper than first party controllers but weren't ideal for solid gameplay. In 2008, their focus on arcade sticks greatly boosted their reputation until the end.

[Via GlobalNewsWire]