Long-lived U.K. developer Blitz Games Studios announced it is ceasing trading after 23 years, in an official post on the studio's website.
The company, which houses a number of divisions including Yoostar 2 developer Blitz Games and Reservoir Dogs studio Volatile Games, was founded in 1990 by Andrew and Philip Oliver, known best for their work on the Dizzy series.
As a result, 175 jobs have been lost; however, Oxford-based studio Rebellion is in "close talks" with Blitz to hire some of the affected employees. Additionally, two of the studio's current projects are financially sustainable and will continue on in the formation of a new company that will allow 50 current staff members to continue working.
"We have managed to weather numerous storms over the last two decades that have sadly seen the demise of many of our friends and colleagues across the industry, but the run of problems we've had to face over the last year is unlike any we've seen before. Frustrations with clients, the global economic crisis, and more than our fair share of simple bad luck have all conspired against us and we are no longer able to continue trading," reads a statement from Philip Oliver.
"We have done all that we can to make Blitz a success, and we have come frustratingly close in recent months. Major clients have felt unable to commit to investment in significant projects, others have changed strategy whilst appearing committed, and others have been slow to commit at all - all of these things have continued to hurt our finances. We have also sustained the business for some time with our personal savings but even those reserves have now been exhausted."
A full statement is available here.