March 31, 2017 | by John
Mad Catz Files for Bankruptcy

Mad Catz, the controller and peripheral designer behind both shoddy PS2 controllers and high-end fightsticks, is no more. On March 30th, the company filed for chapter 7 bankruptcy, which liquidates their assets and funnels all funds to the banks and lenders they owe money to.

This was a long time coming, with debt issues coming to a head in mid-2015 and continuing until now. Mad Catz’s heavy involvement with the ill-fated Rock Band 4 crippled the company, and it never quite recovered. Early last year Mad Catz made a move to restructure and save itself, firing 37% of the staff and having its CEO step down. Harmonix even distanced themselves from Mad Catz later that year, even though they have their own problems these days.

Mad Catz shutting down is a bummer for the industry. Their peripherals, while infamous at times, were useful for budget-minded gamers. Their fightsticks are also top notch, and now with less competition, fightsticks may see a rise in price. It’s always a shame when a company shuts down and people lose their jobs, but it’s especially sad when something with such a history becomes nothing more than a memory.

John

John Michonski is Video Game Choo Choo's Editor in Chief. He's a fun man who likes to do good.

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