GRIN became one of this generation's most talked about developers after the spectacularly well-received Bionic Commando Rearmed, but the studio fell into a series of missteps in 2009, with Wanted: Weapons of Fate, Terminator Salvation and their big-budget reboot of Bionic Commando all failing to find an audience critically or commercially. Now, the studio has officially closed.

"It is with a heavy heart we announce today that GRIN has been forced to close its doors," confirmed founder and CEO Bo Andersonn on GRIN's official website. "This as too many publishers have been delaying their payments, causing an unbearable cashflow situation. After twelve years of hard work, employing hundreds of wonderfully talented men and women, it is over. It has been a great adventure and the GRIN family has experienced what few have."

Andersonn thanked the companies GRIN has worked with in the past, including thanking Capcom specifically for their "honesty," and his employees for their work on GRIN's previous projects and expressed disappointment the world would never seen a so-far unrevealed "masterpiece" that was apparently in development at the company.

"To all our gamers – we hope you had a good time," said Andersonn.

Some of the employees affected by GRIN's closing have already moved on; 25 of those affected by the layoffs have already formed the online-focused Outbreak Games.