After valiant efforts to keep the company afloat, Mad Catz Interactive has finally admitted defeat against its financial troubles over the past several years. The company, which has been best known for creating accessories, controllers, and peripherals, has officially filed Chapter 7 bankruptcy on March 30th, which means that all of its existing assets will be liquidated in the coming weeks.

The report on Mad Catz’ decision can be found on GlobeNewsWire, which details the company’s end game. According to the report, the decision to file for bankruptcy was a voluntary decision by the board of directors after efforts to save the company failed. A formal statement about the decision was made by CEO Karen Mcginnis about the decision to end the company’s fight for good:

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. 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.

It’s a hard decision to be sure, but one that is best for all in the long run. After a hard drop in stock, it looks like there is just no way for the company to claw its way back up, leaving the board to make the final decision to just end the company’s misery now. While this is sorry news for fans of the company’s accessory and controller lines (the company has been in business since 1989), it looks like this is the best decision the company can make at this time without incurring anymore financial damage to those still employed in the business.

For more news on accessory sales and products, check out the articles below to keep yourself in the know, now that Mad Catz will no longer be in the sales game:

• Just Announced: Gear Up With Nintendo Switch Accessories from Snakebyte
• New Accessory Maker Bionik Offering VR and Controller Accessories for the Xbox One Elite
• Project Scorpio Games Ready on Day One are Crucial to Launch Says Xboss Phil Spencer

What do you think of Mad Catz’ decision to file for bankruptcy? Have you been a fan of their peripherals since the beginning? Share your thoughts in the comments below or hop on over to our Don’t Feed the Gamers Disqus to join in on the conversation there! Also, don’t forget to follow us on Twitter for live gaming and entertainment news 24/7. As always … game on, friends!