http://www.gamasutra.com/view/news/200070/After_23_years_Blitz_Games_Studios_has_shut_down.php
Blitz.Games Studios, the UK-based games company co-founded by industry veterans Philip and Andrew Oliver, is to close its doors after 23 years in the games business.
The studio was founded in 1990, and houses multiple divisions including Blitz Games, Blitz Arcade and Blitz Games. The outfit is perhaps best known for creating titles based on TV and movie franchises.
In a statement today, the company announced that it has ceased trading, and that 175 people have been let go. Notably, around 50 staffers will apparently form a new studio out of the ashes of Blitz, to continue working on two of the company's current projects.
Sniper Elite studio Rebellion Developments is also looking to help out by taking on some of the remaining out-of-work staff.
Philip Oliver says that, "Frustrations with clients, the global economic crisis, and more than our fair share of simple bad luck" has led to Blitz going out of business.
"We have done all that we can to make Blitz a success, and we have come frustratingly close in recent months," he added. "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."