Quote:Gaming peripheral company Mad Catz is finally closing after filing for bankruptcy. As of yesterday, March 30, the company shut down and is now selling off its assets. Polygon notes that the company filed for Chapter 7 bankruptcy rather than Chapter 11, meaning that it does not intend to restructure and will liquidate its assets.


To anyone paying attention, this isn't a surprise. The company has been having trouble for some time, following a failed investment in game developer Harmonix's attempt to revive its Rock Band license. Mad Catz co-published the game with Harmonix, and designed and produced its plastic instruments. The company said it needed the game to succeed, and that never happened. That failure was followed by the company laying off over a third of its employees, and its CEO and chairman both resigning. This latest move is a result of its board of directors voting to cease operations.