Long before Steam and other digital distribution platforms were a thing, boxed games rules supreme for both console and PC gaming. Mastertronic were kings of the budget boxed games with lines such as Sold Out and M.A.D, but as the years went on that business model has slowly been dragging them down until they were in danger of completely going under.
Fortunately though today they found out that their creditors have unanimously voted to let the company continue to operate as a digital publisher, something that they're very thankful for.
“I am very pleased to say that at noon today we were given another chance by our creditors and every single one of them has voted to support us,” wrote Mastertronic CEO Andy Payne in a blog post. “To be fair, I don’t see this as anything to be proud of,” he added, citing that the mess they'd gotten themselves into was completely their own fault and that they felt guilt for causing problems for the creditors whom he considered 'friends'.
“For those of us left in the team, we have a pretty big task ahead, to rally and rebuild our reputation. ... We are hoping to be judged not by the height we have fallen, but by the depth from which we will climb.”
Mastertronic have been waiting for a while to hear of their fate after they found themselves in danger of administration through sticking to the outdated boxed game business model they had always been known for. The situation for the company got so bad that many people have already been laid off and operations has been reduced to just one small office.