Derby, UK-based studio Eurocom, most recently the developer behind 007 Legends, has laid off "the majority" of its workforce as part of a restructuring move.
The studio was originally founded in 1988, and has had a hand in dozens of games for various platforms over the last couple of decades. Most recently the company has been involved with the James Bond license, creating GoldenEye 007: Reloaded and the aforementioned Legends.
In a statement to Eurogamer, Eurocom director Hugh Binns admitted that the decline in the console video game market has forced the studio to cancel a number of projects and layoff many of its staff.
"Eurocom are undertaking a restructuring which I regret to say has meant we've made the majority of our workforce redundant today," he explained.
"This includes many very experienced, talented and highly skilled employees, and we'd like to thank them all for your hard work and efforts."
He went on to say, "We've fought to try and save as many jobs as possible, but the steep decline in demand for console games, culminating in a number of console projects falling through in the last week, left us with no option. Eurocom has retained a core staff of just under 50 employees and will be focusing mainly on mobile opportunities moving forward."