UPDATED: GoldenEye Reloaded and 007 Legends developer Eurocom is set to be hit by a significant amount of job losses. According to GamesIndustry International, the struggling studio is expected to be reduced in size by the end of the day.
Eurocom is perhaps best known for its work on Activision's James Bond games. The studio's most recent title was the poorly received 007 Legends, which boasts its highest Metacritic score of 45% on the Xbox 360.
Director Hugh Binns has released a statement confirming only 50 Eurocom members will remain at the studio. Focus will also shift towards mobile games in the future.
"Eurocom are undertaking a restructuring which I regret to say has meant we've made the majority of our workforce redundant today."
"This includes many very experienced, talented and highly skilled employees, and we'd like to thank them all for your hard work and efforts."
"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."
Our thoughts go out to all of those caught up in the redundancies.