« Mad Catz lays off 37% of staff in effort to cut costs »

Following the resignations of Mad Catz president and CEO Darren Richardson, senior VP of business affairs Whitney Peterson and company chairman Thomas Brown on Feb. 8, 2016, the company has announced widespread layoffs in the wake of its third quarter fiscal report.

Mad Catz has cut 37 percent of its staff in a move that the company believes will save it $5 million a year beginning in the first quarter of fiscal 2017.

According to the fiscal report, while sales of MCZ products were actually up from last year, the company had higher inventory balances, lower profit margins due to increased promotion and higher operating costs. The cuts are part of a company plan to restructure its business going forward.