Mad Catz has ceased operations and filed for bankruptcy

Mad Catz is a company that has been synonymous with the gaming industry for nearly three decades. Over its lifetime, the firm has produced various accessories for home consoles like controllers, arcade style fighting sticks, mice, keyboards, and more. Unfortunately, after several years in decline, the firm has officially thrown in the towel, ceasing operations and filing for bankruptcy.

The early signs of the company's demise surfaced last year when its stocks were valued incredibly low and CEO Darren Richardson resigned from his position. The trend continued into 2017 with the company being delisted from the New York Stock Exchange earlier this week, due to a consistently low trading price that was deemed abnormal.

According to the press release, Mad Catz looked into many different options to try and resuscitate its financial situation over the past year. After seeing no viable options, the company voluntarily filed for bankruptcy and is seeking to liquidate its assets. In conjunction with the bankruptcy, all of the directors and officers of the company have now resigned.

Source: GlobeNewswire via Digital Trends | Image via Mad Catz

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