Mad Catz, Gaming Peripheral Maker Files For Bankruptcy
Mad Catz
(Last Updated On: April 2, 2017)

Mad Catz announced that they have filed for chapter 7 bankruptcy. The company is no longer able to stand on its own and they’re closing the doors.

GamesIndustry.biz is reporting that the peripheral maker known for their Xbox, PlayStation and PC controllers and racing wheels, issued a statement to let people know that they exhausted all options before deciding to file for bankruptcy.

President and CEO Karen McGinnis explained that they had no additional “viable” alternatives, stating…

“Regrettably and notwithstanding that for a significant amount of time the Company has 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, the Company has been unable to find a satisfactory solution to its cash liquidity problems,”

McGinnis and the other executives of the board have already resigned from their positions.

The article outlines a list of poor decisions on Mad Catz’ behalf, with co-financing Rock Band 4 being one of the bigger recent failures the company undertook, which did not pan out for either Harmonix, the developer, or Mad Catz, the co-publisher.

They sold off their Saitek line, got de-listed from the New York Stock Exchange and neither their Joytech line nor Tritton line-up could save them.

Essentially Mad Catz banked on a bunch of business decisions that didn’t pan out, almost identical to THQ when they opted to focus on the casual audience with the uDraw peripheral that cost them about $100 million, and they barely sold anything, resulting in them losing out on $80 million in that investment, as reported by Eurogamer.

These kind of decisions have always tanked companies who no longer focus on their core audience and attempt to “broaden” the appeal of their brand by branching out into the unknown. In the case of both THQ and Mad Catz, neither of those investments paid off. In in both cases we’re seeing bankruptcy being the results of those failures.


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Billy has been rustling Jimmies for years covering video games, technology and digital trends within the electronics entertainment space. The GJP cried and their tears became his milkshake. Need to get in touch? Try the Contact Page.

  • Phasmatis75

    Madcatz madcatzed Madcatz. Ha.

  • Michael P

    Not surprising really, their wheels are trash so I can’t imagine their other peripherals are much better.

    • Kyle Haddad

      Mind you I’ve no way to verify this, but Mad Catz at one point owned PC peripheral manufacturer Saitek. IF you go to the original listing of the Saitek X-52 HOTAS system, THe peripheral was well received, but after the mad catz buy out, the quality sharply declined. Now that Saitek is owned by Logitech. The quality seems to have gone up.

      Mind you I’ve only customer reviews to go on. So take what I just said with a grain of salt.

      • Michael P

        Again, not surprising. I had a bad early experience with a Mad Catz wheel on PS2 that turned me off, stuck with Logitech through to PS3 and Fanatec on 360, Logitech definitely make the toughest peripherals out there. Still got 5 yr old g27 that’s been thrashed to death, a little loose in the centre but it lives on.

        Switched over to 2 Thrustmaster’s now though, better feel with the belt driven and I’ve had no problems with them either. Will likely switch over to their upcoming direct drive wheel IF it can be used on PC as well as PS4.

  • giygas
    • I’ll be honest… I love the RAT line. They look so freaking awesome.

      • Disqusted

        They kinda look like something I’d rather play with as a toy than use as a mouse.

  • Gorgon

    >Thrustmaster

    That has nothing to do with MadCatz

    http://www.thrustmaster.com/en_US/company/history

    • Whoops, you’re right. Supposed to be Joytech.

      *Fixed.