NEWS Mad Catz shuts down after months of financial woes

Mad Catz, Inc. has filed for chapter 7 bankruptcy in the United States. As of March 30, the company has shut down and begun to sell off its assets, with all proceeds going straight to lenders.

Chapter 7 bankruptcy differs from chapter 11 bankruptcy in a major way: It means that Mad Catz does not currently intend to reorganize, filing instead for liquidation and vacating its board of directors and officers.

Best-known for its gaming hardware and peripherals, Mad Catz’s exit from the industry follows several months of financial trouble. Poor Rock Band 4 sales in late 2015, after it hedged its bets by co-publishing and designing instruments for the game. The company told investors that it needed Rock Band 4 to succeed in order to stabilize itself.