Blighted British developer Eurocom has been forced to close its doors just weeks after announcing huge redundancies. The Derby-based studio employed over 200 people prior to releasing 007 Legends earlier this year. It slashed that headcount to just 50 in November, before letting the remaining staff go earlier today.
“Today Dean Nelson, from Midlands business advisory firm Smith Cooper, was appointed Administrator of Eurocom Developments Limited, who have been experiencing financial difficulties due to expected contracts being delayed, which has resulted in a severe cash flow shortage,” the company revealed in a statement to Eurogamer.net.
"Since 2008, there has been a steep decline in the sales of Console and PC games, which has led to a severe contraction in the number of new games being commissioned from global publishers of entertainment software. The company has also faced intense competition from developers in countries with lower costs or those subsidised with generous games tax credits.”
It spells the end of a 25 year run for the developer, which has spawned multiple hit titles such as GoldenEye 007: Reloaded and Dead Space: Extraction. Its most recent release 007 Legends faced unreasonable time constraints, leading to below par review scores.
Our thoughts go out to all those affected by this sad news.