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Mad Catz to release 37 percent of current workforce as they go through company-wide restructuring

Posted by John 'Velociraptor' Guerrero • February 9, 2016 at 3:01 p.m. PST • Comments: 149

Update: Mad Catz has announced that they are laying off 37% off their current staff in an effort to better the company's financial situation.

New Mad Catz CEO Karen McGinnis has released a statement on the matter:
"These changes will allow us to operate more effectively and help create an organization that is more agile, able to pursue growth and regain share in our core markets by simplifying our processes and reducing our operating costs, thus increasing our competitiveness and profitability without compromising the quality of our product offering.

This realignment of our resources will also enable us to better support strategic initiatives that will make our product slate more competitive, help us gain added consumer interest, and create sustainable shareholder value."
This comes after yesterday's news that former company CEO Darren Richardson had resigned along with two other higher ups from the business.
Earlier: We in the fighting game community know Mad Catz fairly exclusively for its fight stick and controller production, and while Street Fighter 5's release is sure to see a sales boom in that avenue, the company as a whole seems to be going through some turmoil as of late.

In a recent article by GameSpot we learn that three of Mad Catz's head names have resigned in a fairly short span of time.

"The company announced a handful of changes to its management team and board of directors. Mad Catz president and CEO Darren Richardson has resigned from the company, effective immediately," reports GameSpot journalist Eddie Makuch.

"Additionally, Thomas Brown (chairman of the board of directors and a member of the board's audit committee) resigned on Friday, February 5... Further still, Whitney Peterson (Mad Catz senior vice president of business affairs, general counsel, and corporate secretary) has resigned."

Mad Catz will be reporting their earnings for the most recent financial period tomorrow, February 9th.

At this point we don't know how much, if any, the impact will be on the FGC's side of things, but we're hoping for the best as Mad Catz is a company that contributes so much to our community.

Source: GameSpot.
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