They say imitation is the best form of flattery. Mad Catz is best known for making aftermarket video game controllers, controllers that resemble the standard Xbox and PlayStation ones are finally shutting down. They announced yesterday that they’re filing for bankruptcy.
As of March 30th, all of the company’s directors have resigned. Mad Catz made a slew of cheaper accessories for video games that saw a lot of success in the early to mid-2000s when the digital age of gaming was breaking. Their most successful venture was their line of arcade sticks for fighting games such as street fighter.
Karen McGinnis, President, and CEO of Mad Catz said:
“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 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 the thank the vendors and professional service providers who have supported the company’s efforts during this time.”
Mad Catz will go down in history has the “store brand” version of quality products. They never made super cheap knock offs, but their products were usually well made and were the go-to gifts for parents and grandparents who were uneducated about the video game marketing and they were just looking for a gift.
Mad Catz was founded in 1989 and focused on just third-party video game peripherals until they decided to make fighting game accessories, where they really found their footing until the end.