After the failure of Rock Band 4, publisher Mad Catz Interactive has filed for bankruptcy protections under Canada’s Bankruptcy and Insolvency Act, with the company’s American subsidiary Mad Catz Inc. filing for chapter 7 the United States. Preceeding this move, all of the company’s directors and officers resigned yesterday.
“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,” wrote Karen McGinnis, president and CEO. “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.”
Rock Band 4 contributed heavily to the $11.6 million loss the company suffered in the past financial year – which was down from a nearly $5 million profit the year before. The company was removed from the New York Stock Exchange list last week.
This news comes from the NASDAQ Newswire.