Eurocom blames what it calls a "steep decline" in game sales since 2008, which it says has caused a "severe contraction" in the number of new commissions from publishers. "The company has also faced intense competition from developers in countries with lower costs or those subsidised with generous games tax credits," it says. The British government this week confirmed plans to go ahead with tax breaks for the games industry, but it's not happening soon enough for some.
Eurocom's bread and butter was adaptations of licensed properties, but most have reviewed poorly. The Wii U edition of 007 Legends launches next week.
"The Directors of Eurocom would like to offer their heartfelt thanks to all their staff that have been made redundant at this difficult time, and show their appreciation of all of their hard work in consistently delivering exceptional games," the statement offers.