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Mad Catz has gone bankrupt


jonathanhoey
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Mad Catz has gone bankrupt.

 

From Reuters:

 

Quote

* Mad Catz Interactive - co, subsidiary, 1328158 Ontario Inc., made a voluntary assignment in bankruptcy on March 30, 2017

 

* Mad Catz Interactive Inc - Pricewaterhousecoopers Inc has been appointed as trustee in bankruptcy of company's estate

 

* Mad Catz Interactive-Mad Catz, Inc ceased operations, filed voluntary petition for relief under chapter 7 of U.S. Bankruptcy code to initiate orderly liquidation of assets

 

* Mad Catz Interactive - certain of co's other subsidiaries filed or will file for liquidation under comparable legislation in their countries of origin

 

* Mad Catz Interactive - announced that all of directors and officers of company have resigned effective as march 30, 2017

 

* Mad Catz Interactive - board of directors has been advised that co's lenders will not increase amount of its credit facilities beyond current levels

 

I posted this in the Rock Band thread at first, but then thought about it and realised they do (did?) all sorts of other peripherals as well, such as fight sticks and the like.

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Sad, but not a surprise. Rock Band 4 was a sales bomb, and they sold off all their instrument stock for cheap last year (I've a few sealed guitars lying around). 

 

They'd turned around their build quality in the last few years by all accounts, probably as a reaction to stricter controls on who can build wireless controllers by console manufacturers and no-one wanting to buy wired controllers any more, so they'd focused more on the premium market with fightsticks and the like.

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1 minute ago, Madness said:

Sad, but not a surprise. Rock Band 4 was a sales bomb, and they sold off all their instrument stock for cheap last year (I've a few sealed guitars lying around). 

 

If you just happen to have a George Harrison Xbox 360 guitar taking up space I'll gladly take it off your hands - it's the best one I've ever played and I'm terrified mine is going to break. Terrified!

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16 minutes ago, *chin* said:

Harmonix laying off 17 staff yesterday seems related.

Didn't some other company take over the plastic instruments and co-publishing side of Rock Band a while back? I don't think they have anything to do with Mad Catz any longer. 

 

Granted, Harmonix have been limping along for a few years now, occasionally putting out small games that don't seem to have much of an audience. They lost their niche. 

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3 minutes ago, deerokus said:

Didn't some other company take over the plastic instruments contract a while back? I don't think they have anything to do with Mad Catz any longer. 

 

Granted, Harmonix have been limping along for a few years now, occasionally putting out small games that don't seem to have much of an audience.

Yeah but I feel both things happened for the same reason. The bombing of RB4.

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3 minutes ago, Always Crazy Bacon said:

 

Correct, PDP took over from Madcatz to make the Hardware last year. PDP made some staff redundant at the start of this year due to poor performance of Rockband 4.Harmonix are still trying to capture the success of Guitar Hero years later and have partnered with Hasbro to make a music collectable card game that connects with a smartphone. Problem is it's already too expensive.


That and they're now doing work for hire for Oculus. Rock Band VR which just came out (and probably won't do very well) and next SingSpace.

I fucking love Harmonix and it's sad to see them go through this slow decline, but I honestly don't see them having much of a future, which is a massive shame. :(

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2 hours ago, Madness said:

Sad, but not a surprise. Rock Band 4 was a sales bomb, and they sold off all their instrument stock for cheap last year

 

I'm sure they had to as they lost the licence to make them anymore. The clause said they had to sell them by a certain date or they had to be recalled and destroyed. I think PDP has the licence for them now.

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Yeah, I think Harmonix closing up shop would bother me more than any other studio. They seem like great guys with a real passion for the stuff they do. Rock Band Rivals has reignited my love of the game. 

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I've loved all my Mad Catz arcade sticks. I started with the SE Fightstick on 360 and, while I took a while to adjust to it (having never really used one before) it served me very well for thousands of hours. As did the SFxT stick I got later, and a free Tournament Edition stick I got from a rllmuk man, which was nice.

 

I'm now using the TE 2+ they made for PS4 and it's a great, sturdy thing; thought has very much gone into its design since you can easily open it at the press of a button to swap out parts (and there's compartments to store spares too). It's a shame they now won't iterate on it because the one thing it does lack is a headphone port.

 

At least they seem to have left a legacy in the number of quality arcade sticks their competitors now make. I'm not sure which one I'll move on to next (likely Qanba? Or HORI. Or both. Or all three).

 

4 hours ago, ahsoka said:

I believe they also did a lot regarding the sponsorship of fighting game tournaments. Let's hope their passing doesn't affect those too badly. 

 

They were involved heavily in many tournaments, including the Evo and the Capcom Pro Tour, until last year. They didn't renew the contracts of the players they were sponsoring at the start of this year and Capcom's 2017 Pro Tour started with sponsorship from Razer instead. Their passionate community manager had also left so there were plenty of signs that everything was going downhill even for folk who didn't pay attention to failure of Rock Band.

 

It's a shame. The quality of those arcade sticks absolutely made up for the utterly woeful N64 pads Player 4 would be burdened with.

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