The peripheral maker Mad Catz has filed for bankruptcy, the company has now closed all its doors and finished all operations. This comes after years of financial issues, with the company laying off a large chuck of their staff last year and just last week being taken off the NYSE due to such a low share price.
Mad Catz CEO Karen McGinnis, has given the below statement.
“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,”
Unfortunately this level of Bankruptcy cannot be recovered from. With all operations closed down, all that needs to be done is asset liquidation, which will hopefully help to pay off the companies outstanding debts.
Let us know your thoughts on the Mad Catz bankruptcy below.
