After a difficult period of decline, peripheral maker Mad Catz has filed for bankruptcy.
Mad Catz “has been unable to find a satisfactory solution to its cash liquidity problems,” according to former boss Karen McGinnis.
Troubles became apparent last year when Mad Catz announced lay-offs during its financial report following Rock Band 4 sell-through numbers being lower than expected. Those low numbers triggered a company-wide restructuring, part of which included a 37% reduction of its workforce.
The day before its financial briefing, several Mad Catz officials resigned from their positions with the company.