Free Radical Design, which worked on the TimeSplitters remake, has ceased operations, according to a staff statement. Official the developer studio website now shows a 404 error along with the text “company not found” and a sad smiley. Former employees also announced the termination of the company’s activities on social networks.

The company was revived in 2021 after the collapse of 2008, precisely for the purpose of developing new games based on the themes of the old TimeSplitters game series. However, parent company Embracer Group has embarked on a cost-cutting drive in recent months and reduced the total number of employees by more than 900 people.

Embracer CEO Lars Wingefors commented on the termination in an email to employees, expressing “gratitude” for the “remarkable work” the team has done in recent years. Wingefors further stated that the parent company wants to “support as much as possible” the laid-off employees during this transition. However, no details were given regarding severance pay or any additional assistance. It looks like more than 50 people have lost their jobs as a result of Free Radical Design closing down. With the closure of the studio, work on the TimeSplitters remake will probably also be suspended.

Free Radical Design isn’t the only company Embracer has canceled this year. Embracer abruptly shut down Saints Row developer Volition in August and is reportedly looking to sell Borderlands developer Gearbox.