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Japanese studio AlphaDream, developer of the Mario & Luigi series of JRPGs, has gone bankrupt.
As reported by Yahoo Japan (via Kotaku), a combination of stagnant revenue streams and development costs had left the studio with around $3.7 million in debt, ultimately forcing it to file for bankruptcy.
The company's final project was a remake of Mario & Luigi: Bowser's Inside Story for the 3DS, which is the fifth entry in a franchise that began back in 2003 with the launch of Mario & Luigi: Superstar Saga on the Game Boy Advance.
Although its best known for its work on the Mario & Luigi titles, AlphaDream also worked on other projects including Hamtaro, Koto Battle, and PostPets, most of which only released in Japan.