Volition, the developers of Red Faction and Saints Row, has been shuttered after 30 years by its parent company, Embracer Group, as part of companywide restructuring.
News of Voltion's closure was announced by the studio in a statement on its Linked-In page.
"The Volition team has proudly created world-class entertainment for fans around the globe for 30 years," reads the statement. "We’ve been driven by a passion for our community and always worked to deliver joy, surprise, and delight.
"This past June, Embracer Group announced a restructuring program to strengthen Embracer and maintain its position as a leader in the video game industry. As part of that program, they evaluated strategic and operational goals and made the difficult decision to close Volition effective immediately.
"To help our team, we are working to provide job assistance and help smooth the transition for our Volition family members. We thank our customers and fans around the world for all the love and support over the years. You will always be in our hearts."
Volition was formed by Mike Kulas and Matt Toschlog as Parallax Software in 1993. The studio was eventually split by Kulas and Toschlog, with Toschlog starting Outrage Entertainment and Kulas staying with Parallax and renaming it Volition in 1996.
THQ, which was at one time Volition's publisher, acquired the company in 2000. Here, the studio developed the Red Faction and Saints Row series. While developing Saints Row 4, in 2012 THQ declared bankruptcy and actioned off studios and IP to pay debtors.
THQ Nordic acquired Koch Media in 2018 through its parent company Embracer Group, bringing Volition and other studios along for the ride.
Under THQ Nordic, Volition went on to develop Agents of Mayhem and the Saints Row reboot, both of which underperformed.
Embracer's closure of Volition comes on the heels of a $2 billion deal with an unnamed company falling through, causing the company to make sweeping plans to reorient company resources through studio closures and layoffs.