Today is a sad day for video game hardware, Mad Catz well known for their Arcade Sticks, controllers, headsets, keyboard and etc. Mad Catz files chapter 7 of U.S. Bankruptcy due to “no viable strategic alternative in respect of a sale of the Company or other corporate sale transaction” meaning their was no partnership with other companies or no ways to sell their product to meet sales. Here is a little history on Mad Catz, the company was founded in 1989 (the year I was born), Mad Catz was selling control pads, memory cards, connection cables for the Nintendo 64 and PlayStation era. The company was under Canada Business Corporations Act in 1993, later on brought GTR Group, Inc, Games Trader and ZapYou.com in 2000. In the same year Mad Catz won the Golden Award for the MC2 Racing Wheel for PlayStation. Later on Mad Catz launch products for Game Boy, Gamecube, Xbox and Dreamcast. Mad Catz brought GameShark for short cuts, hints, trick and many more.
In 2008 Mad Catz move on to making fight sticks because of the commissioned of Capcom, these got the attention for EVO, PAX and San Diego Comic con. Mad Catz did other products for games such as Rock Band, Star Citizen, Killer Instinct, Tekken and many more. Mad Catz sponsor many events such as ESL One, Capcom Pro Tour and work with other companies in the process. Now Mad Catz is no longer listed in the New Stock Exchange because abnormally low stock value and the company didn’t appeal. Mad Catz representatives try to win shareholder approval for a reverse stock split at its upcoming annual shareholders meeting , they started cutting down traded shares to remain in the NYSE but was not successful. They only have $0.15 apiece but in order to remain on the NYSE the business required to maintain a minimum average closing price of $1.00 per share over 30 consecutive trading day. Here is the Fiscal 2016 for Mad Catz
It very sad to see this company go but I wish them luck in the near future. The president of Mad Catz Karen McGinnis stated “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,”. I wish their was another way to generated sales to keep this company afloat but their are throwing in the towel. Mad Catz will be always apart of the gaming industry.