Mad Catz has had a tough few years, and as the company was recently delisted from the New York Stock Exchange (as the stock value was too low), it was a sign that the end was near. The company has been seeking potential partners, lenders or buyers, but alas it seems that nothing panned out and they have now volountarilly filed for bankruptcy both in Canada (parent company) and in the US (subsidiary).
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."
As directors and executives resigned from Mad Catz, effective March 30, as PricewaterhouseCoopers will handle its affairs during the bankruptcy proceedings.
What this means for future products like the official Tekken 7 arcade sticks, remains to be seen, but perhaps there will be companies looking to buy assets now that the company has filed for bankruptcy.