Mad Catz files for Chapter 7 bankruptcy and shuts down

Gaming peripheral company Mad Catz is finally closing after filing for bankruptcy. As of yesterday, March 30, the company shut down and is now selling off its assets. Polygon notes that the company filed for Chapter 7 bankruptcy rather than Chapter 11, meaning that it does not intend to restructure and will liquidate its assets.

To anyone paying attention, this isn't a surprise. The company has been having trouble for some time, following a failed investment in game developer Harmonix's attempt to revive its Rock Band license. Mad Catz co-published the game with Harmonix, and designed and produced its plastic instruments. The company said it needed the game to succeed, and that never happened. That failure was followed by the company laying off over a third of its employees, and its CEO and chairman both resigning. This latest move is a result of its board of directors voting to cease operations.

Mad Catz has a long history with the gaming community that reaches all the way back to 1989. Over time, the company had developed a reputation for producing subpar third-party controllers and other peripherals, and that reputation stayed with Mad Catz even as it went through multiple changes. Despite that reputation, the company found a strong path in the fighting game community, producing high-end arcade fighting sticks that have remained popular within those circles. With the company selling off its assets, its possible another vendor like peripheral maker PDP (who now makes the Rock Band controllers) could pick up Mad Catz's place in the fighting game community and continue that strong relationship.

Comments closed
    • Laykun
    • 2 years ago

    Bought a Mad Catz Dreamcast controller in the 90’s, never touched another one of their products again as it was a massive waste of my then very limited income. The build quality left A LOT to be desired.

    • TwoEars
    • 2 years ago

    I’ll miss their balls and ostentatiousness but I would never in my life have something like this on my desk.

    [url<]https://images-na.ssl-images-amazon.com/images/I/71dXd04HrzL._SL1500_.jpg[/url<]

    • David
    • 2 years ago

    Betting on Rock Band coming back big was a huge mistake, but what about consoles not allowing 3rd parties into their wireless controller system? Nobody wants a wired controller or to have to plug in a dongle to use a wireless controller.

      • LostCat
      • 2 years ago

      I’m using my new fancy wireless controller…with a wire.

    • NovusBogus
    • 2 years ago

    Dead or not, I can’t forgive Mad Catz for what they did to Saitek.

      • LostCat
      • 2 years ago

      I’m not sure it was anything Saitek hadn’t already done to themselves.

        • GrimDanfango
        • 2 years ago

        Indeed. I bought a Saitek joystick 20 years ago, and it was crap.
        I bought another one a year ago, and this time had the good sense to return the awful thing, kick myself, and make a point never to make the same mistake again.

        I managed instead to get hold of a cheap, relatively obscure Russian joystick – the Cobra Defender M5, which is stunningly good for the money (~£45), and fantastically solid. Loose, easy feel, but super-precise too, unlike Saitek which is always monstrously over-sprung, especially in the center, yet imprecise and in constant need of recalibration at the same time.

          • NovusBogus
          • 2 years ago

          Saitek’s spring-held tension plate design was prone to poor calibration and major slop, no doubt about it. But aside from that questionable design choice they were well built, had great ergonomics, and usually offered more buttons/features than the competition. My two $20 Cyborg Graphites are over ten years old and have traveled all over the US, both work the same as the day I got them. Serious flight simmers swear by their X-45s and X-52s. MC-era Saitek products are known to have construction errors, bad wiring, nonexistent QC, etc. and enthusiasts generally won’t touch anything made after 2007. There’s a reason that Logitech was able to buy the brand for peanuts.

          I’ve heard good things about the Cobra Defender. AFAIK it was a collaboration between VKB and another Russian company, and the much-coveted Black Mamba uses a Cobra stick head. I have a VKB Gunfighter preordered, hopefully it lives up to the company’s reputation.

    • Goty
    • 2 years ago

    Looking on the bright side, maybe I’ll be able to get my hands on a R.A.T. 8 on the cheap!

    • I.S.T.
    • 2 years ago

    Mad Catz dying makes me sad. They made a lot of low cost controllers that while they usually sucked, were better than nothing and were a boon for poorer gamers. In addition, back in the day, they were one of the kings of accessories.

    • dpaus
    • 2 years ago

    So if they’re dumping their assets, I guess there’ll be a very full litter box?

    • dpaus
    • 2 years ago

    Oh, crapnip – I just ordered a FurE case to complete the theme…

    • TwistedKestrel
    • 2 years ago

    Does this make anyone else feel a little sad? I feel like they had a few good accessories for the GBC & GBA

    • SoM
    • 2 years ago

    smokin’ too much catnip ?

    • LovermanOwens
    • 2 years ago

    Goodnight sweet prince

    • Takeshi7
    • 2 years ago

    This comic perfectly explains why they went out of business.

    [url<]http://i.imgur.com/t7KQy.jpg[/url<]

    • Redocbew
    • 2 years ago

    No doubt many cool cats will be hissing and spitting over this.

    • Welch
    • 2 years ago

    I’m Furious over this! I cat believe after all of these years they are going to be gone. Their management should have nipped their issues in the butt sooner.

      • chuckula
      • 2 years ago

      YOU MISSPELLED FURRIOUS! [because it needs that extra “R”]

        • dpaus
        • 2 years ago

        I think he did it on purrpose….

          • Welch
          • 2 years ago

          Also, Chuckula did it on purpose, but somehow I think everyone knew that 🙂

      • ludi
      • 2 years ago

      “Nip it in the butt”? That’s a new one.

        • Neutronbeam
        • 2 years ago

        A new butt?

      • Neutronbeam
      • 2 years ago

      I think you meant this…

      [url<]https://www.youtube.com/watch?v=de_P2aUZJyA[/url<]

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