Mad Catz, the creator of crazy peripherals such as the RAT mouse has filed for bankruptcy.
Polygon reports that the firm has filed for chapter 7 bankruptcy in the United States which means Mad Catz is liquidating and vacating its board of directors.
The decision to file for bankruptcy comes just weeks after Mad Catz announced a suspension of trading on the New York Stock Exchange.
“Due to the ‘abnormally low trading price’ of its common stock, the staff of NYSE MKT LLC (“NYSE MKT”) Regulation has determined to commence proceedings to delist the Company’s common stock,” Mad Catz said in note to investors at the time.
Truth be told, however, the firm has been struggling for sometime now. In 2015 it teamed with Harmonix to create instruments for, promote, and distribute Rock Band 4. That game was meant to be Mad Catz’s saving grace but it wasn’t to be, resulting in huge losses in the months following the game’s launch.
We’re sad to see Mad Catz leaving the peripheral market. In space which is always in danger of being labelled “boring” the firm brought an air of creativity to your computer desk that didn’t rely on RGB lighting.