Mad Catz Closed

[Mar 31, 2017, 7:52 pm ET] - Share - Viewing Comments

This press release has the news that peripheral maker and momentary game publisher Mad Catz has filed for a voluntary assignment in bankruptcy in Canada and for Chapter 7 bankruptcy in the U.S. The company has apparently gone through all nine of its lives, since Chapter 7 is to liquidate the company, rather than try and save it though debt restructuring. The announcement has details on the end of the company's 28 year run:

The Board of Directors made the decision to have the Company make a voluntary assignment in bankruptcy after considering various strategic alternatives, the interest of various stakeholders of the Company as well as a number of other factors. The Board of Directors has been advised by the Company’s financial advisor and management that no viable strategic alternative in respect of a sale of the Company or other corporate sale transaction is being made available to the Company by any third party. In addition, the Board of Directors has also been advised that the Company’s lenders will not increase the amount of its credit facilities beyond the current levels.

Karen McGinnis, President and Chief Executive Officer, stated that, “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. The Board of Directors and management would like to acknowledge the outstanding efforts of the Company’s employees in support of its business, especially during the time that the Company faced financial difficulties. The Company would also like to thank the vendors and professional service providers who have supported the Company’s efforts during this time.”

27 Replies. 2 pages. Viewing page 1.
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27.

Re: Mad Catz Closed

Apr 2, 2017, 06:34

jdreyer

Hump wrote on Mar 31, 2017, 22:41:
Cant say any of the products I bought from them were worth the money. Logitech has done a better job of catering to gamers needs than any other company I can think of.

CH Products.




If Star Citizen was a child conceived in a night of passion, it would have started elementary school by now. -panbient

26.

Re: Mad Catz Closed

Apr 1, 2017, 23:05

robdot

Rock band never included any type of local co op, or battle Mode. So there was never any reason to buy extra controllers or guitars. And to this day, there is no online multiplayer for rock band, giving no one any reason to buy the game,or,extra controllers. If there was an online battle mode, or, you could even play two guitars at the same time. Maybe someone might have bought more guitars for rock band.

25.

Re: Mad Catz Closed

Apr 1, 2017, 11:59

Mordhaus

Xero wrote on Mar 31, 2017, 21:10: Good. I still remember buying my second N64 controller from them and the damn thing got jammed in the system. The stupid hook up end of the wire to the system broke off inside the system and I had to mail my N64 back to Nintendo for repair, rofl. Madcatz didn't do shit about it. Assholes. You know what it was like for a hyper active 14 year old who lives off a console to not have it for almost a month? Rough. As a former hyperactive 14 year old myself, I can say you simply play with your other joystick more until your console comes back.

24.

Re: Mad Catz Closed

Apr 1, 2017, 11:58

fishingtime

mad catz, one of the staples of my childhood, ceases to exist. sad day for me

23.

Re: Mad Catz Closed

Apr 1, 2017, 10:34

Dalumberjack

Well that explains a lot.

Have a RAT MMO 7, one of the best mice I have ever owned. Been having problems getting the software to play nicely with Windows 10 and their support was shit for help.

Went out and about a G900, but still trying to get the MMO7 to work. Was originally made by Cyborg, who was bought by Mad Catz.

A loss in competition or options always sucks




I never wanted to do this job in the first place! I... I wanted to be... A LUMBERJACK! Leaping from tree to tree! As they float down the mighty rivers of British Columbia! With my best girl by my side! The Larch! The Pine! The Giant Redwood tree! The Seq

22.

Re: Mad Catz Closed

Apr 1, 2017, 08:57

MattyC

MxxCon wrote on Apr 1, 2017, 02:14: MattyC wrote on Apr 1, 2017, 01:22: CJ_Parker wrote on Mar 31, 2017, 21:45: SpectralMeat wrote on Mar 31, 2017, 21:01: MacLeod wrote on Mar 31, 2017, 20:49: But now I won't be able to get that Star Citizen branded Saitek controller when the game comes out! Saitek and Mad Catz are not the same company or are they? They were the same company. When Mad Catz got into financial trouble they sold off Saitek to Logitech (a match made in shit quality heaven). If you don't like either company, that is fine, everyone gets an opinion. However, when has Logitech ever been known for "shit quality"? Their mice and keyboards are just about indestructible, assuming you don't down them in liquid, and even then they often live on. My M705 stopped clicking, so... Maybe I was just lucky, but I had a MX-510 that made it about a decade and even then it only died to a short in the cable. I still have a MX-512 and a G500 going strong as far as mice go. I paid less than $40 for each of them. I don't use it as my main keyboard anymore, but I used a G15 from when it came out until now and it also still works fine. The LCD display was useful for seeing who was talking in Ventrilo while also displaying a clock before I went with dual monitors. Now if you were talking about their speakers...

21.

Re: Mad Catz Closed

Apr 1, 2017, 08:23

CJ_Parker

MattyC wrote on Apr 1, 2017, 01:22: CJ_Parker wrote on Mar 31, 2017, 21:45: SpectralMeat wrote on Mar 31, 2017, 21:01: MacLeod wrote on Mar 31, 2017, 20:49: But now I won't be able to get that Star Citizen branded Saitek controller when the game comes out! Saitek and Mad Catz are not the same company or are they? They were the same company. When Mad Catz got into financial trouble they sold off Saitek to Logitech (a match made in shit quality heaven). If you don't like either company, that is fine, everyone gets an opinion. However, when has Logitech ever been known for "shit quality"? Their mice and keyboards are just about indestructible, assuming you don't down them in liquid, and even then they often live on. Logitech also had financial woes a few years back and ever since there has definitely been a noticeable drop in quality while at the same time they jacked up prices to hell (and unfortunately not back yet). It is ridiculous how they ask $70 for a gamer mouse which has "made in China from scrap" written all over it. To their (slight) credit it needs to be said that (almost) no one else is really much better. Mad Catz had even shittier quality and justifiably went bust while everyone else does the same and sells the cheap plastic garbage with a gamer tag for +1000% profit margins. However, if you are really looking for quality in the highend peripheral sector then there's still Thrustmaster. Their wheels and sticks (Warthog FTMFW) are second to none and of exceptional build quality. Most Logi products except for their decent wheels are complete jokes in comparison.

20.

Re: Mad Catz Closed

Apr 1, 2017, 06:24

VaranDragon

I have a Saitek throttle quadrant that Im currently using. It's at least ten years old. Still going strong.

19.

Re: Mad Catz Closed

Apr 1, 2017, 06:06

Muscular Beaver

Had several overpriced mice from them. $100 for crap like that, that broke very early or had issues from the start. No loss seeing them go.




Waiting for BIS to come back to their senses and do a real ArmA 2 successor.

18.

Re: Mad Catz Closed

Apr 1, 2017, 05:21

EricFate

They would have signed the papers to dissolve the company sooner, but they only had Mad Catz pens to work with. The first one was broken out of the box, the second one ran out of ink halfway through the first initial, and the third one only worked from right to left.

17.

Re: Mad Catz Closed

Apr 1, 2017, 02:14

MxxCon

MattyC wrote on Apr 1, 2017, 01:22: CJ_Parker wrote on Mar 31, 2017, 21:45: SpectralMeat wrote on Mar 31, 2017, 21:01: MacLeod wrote on Mar 31, 2017, 20:49: But now I won't be able to get that Star Citizen branded Saitek controller when the game comes out! Saitek and Mad Catz are not the same company or are they? They were the same company. When Mad Catz got into financial trouble they sold off Saitek to Logitech (a match made in shit quality heaven). If you don't like either company, that is fine, everyone gets an opinion. However, when has Logitech ever been known for "shit quality"? Their mice and keyboards are just about indestructible, assuming you don't down them in liquid, and even then they often live on. My M705 stopped clicking, so...

16.

Re: Mad Catz Closed

Apr 1, 2017, 01:22

MattyC

CJ_Parker wrote on Mar 31, 2017, 21:45: SpectralMeat wrote on Mar 31, 2017, 21:01: MacLeod wrote on Mar 31, 2017, 20:49: But now I won't be able to get that Star Citizen branded Saitek controller when the game comes out! Saitek and Mad Catz are not the same company or are they? They were the same company. When Mad Catz got into financial trouble they sold off Saitek to Logitech (a match made in shit quality heaven). If you don't like either company, that is fine, everyone gets an opinion. However, when has Logitech ever been known for "shit quality"? Their mice and keyboards are just about indestructible, assuming you don't down them in liquid, and even then they often live on.

15.

Re: LG VR HMD Specs

Apr 1, 2017, 00:54

Shineyguy

Loved my R.A.T.7 while I was using it. In fact I JUST bought a RAT8 to replace it. Guess I won't be getting any more of them. Hope they last me. Shit, they should I only replaced the R.A.T.7 because the thumb pad was getting a little loose. Thing still works perfectly OK.

14.

Re: Mad Catz Closed

Apr 1, 2017, 00:02

Desalus

Sad to see a competitor go but I'm honestly not surprised. The few times I bought Mad Catz controllers when I was a kid convinced me to never buy a third party controller ever again.

13.

Re: Mad Catz Closed

Mar 31, 2017, 22:41

Hump

Cant say any of the products I bought from them were worth the money. Logitech has done a better job of catering to gamers needs than any other company I can think of.




---------------------------------------------------------------------- "Both the “left” and the “right” pretend they have the answer, but they are mere flippers on the same thalidomide baby, and the truth is that neither side has a clue." - Jim Goad

12.

Re: Mad Catz Closed

Mar 31, 2017, 22:05

MxxCon

But is this a real PR or April 1st joke?

11.

Report on comment 1128831

Mar 31, 2017, 21:58

descender

Not sure why Logi even bought them in the first place Probably patents. You can always build something with better parts.

10.

Re: Mad Catz Closed

Mar 31, 2017, 21:45

CJ_Parker

SpectralMeat wrote on Mar 31, 2017, 21:01: MacLeod wrote on Mar 31, 2017, 20:49: But now I won't be able to get that Star Citizen branded Saitek controller when the game comes out! Saitek and Mad Catz are not the same company or are they? They were the same company. When Mad Catz got into financial trouble they sold off Saitek to Logitech (a match made in shit quality heaven). Saitek were supposed to build the Star Shitizen HOTAS but Logi is kinda all lolnotreally about it. They probably got their hands full to either adopt (more likely) or improve upon (less likely) the incredibly shitty abysmal quality of Saitek products. Not sure why Logi even bought them in the first place. Saitek's rep lies in smoldering ruins among sim fans due to their massive shit quality issues.

Re: Mad Catz Closed

Mar 31, 2017, 21:44

jacobvandy

Unfortunately it's not just third-party controllers they've done, for the past 15 years or so they've been there to fill niche hardware needs of various developers. Most notably it was Rock Band instruments, but they've done quality racing wheels in the past and also do those arcade-like 'fightpad' controllers for Capcom. It's a shame to see any gaming company who's been around for near 30 years go away.

Re: Mad Catz Closed

Mar 31, 2017, 21:36

Kxmode

Xero wrote on Mar 31, 2017, 21:10:
Good. I still remember buying my second N64 controller from them and the damn thing got jammed in the system. The stupid hook up end of the wire to the system broke off inside the system and I had to mail my N64 back to Nintendo for repair, rofl. Madcatz didn't do shit about it. Assholes.

And that's why you're happy about their closure because of a manufacturer's defect that slighted your enjoyment of the N64? That's a little thing to hold onto a grudge for so long.




William Shakespeare's "Star Wars" Act I, Scene 4: CHORUS: And now, dear viewers, shall our play go to \ A Planet stark and drear for our next scene. \ Imagine sand and rocks within thy view. \ Prepare thy souls - we fly to Tatooine!

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