After a difficult period of decline, peripheral maker Mad Catz has filed for bankruptcy.
Mad Catz "has been unable to find a satisfactory solution to its cash liquidity problems," according to former boss Karen McGinnis.
Troubles became apparent last year when Mad Catz announced lay-offs during its financial report following Rock Band 4 sell-through numbers being lower than expected. Those low numbers triggered a company-wide restructuring, part of which included a 37% reduction of its workforce.
The day before its financial briefing, several Mad Catz officials resigned from their positions with the company.
Much of the company's success and eventual lack there-of was tied to Rock Band 4. In addition to making peripherals for the game, Mad Catz co-published Rock Band 4 with game maker Harmonix.
Harmonix, too, has suffered lay-offs, announcing yesterday it was letting go 17 employees.
According to Eurogamer, Mad Catz is in the process of liquidating its assets.
The peripheral maker does more than just make controllers for Rock Band, making fight sticks, controllers, and most recently, it showed off a Mad Catz gaming mouse at the Consumer Electronics Show.
Seth Macy is IGN's weekend web producer and just wants to be your friend. Follow him on Twitter @sethmacy, or subscribe to Seth Macy's YouTube channel.
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