A British games developer has closed after 23 years in the business, blaming the economic crisis and frustrations with clients.
Blitz Games Studios ceased trading this morning, meaning 175 jobs have been lost.
The Leamington Spa-based business released a statement on its website about the closure, citing the struggling world economy as well as calling a run of problems experienced this year "unlike any we've seen before".
Co-founder and CEO Philip Oliver said: "We have done all that we can to make Blitz a success, and we have come frustratingly close in recent months.
"Major clients have felt unable to commit to investment in significant projects, others have changed strategy whilst appearing committed, and others have been slow to commit at all - all of these things have continued to hurt our finances.
"We have also sustained the business for some time with our personal savings but even those reserves have now been exhausted.
"Frustrations with clients, the global economic crisis, and more than our fair share of simple bad luck have all conspired against us and we are no longer able to continue trading.
"It has been an absolute honour to lead such an extraordinary group of highly talented people who have consistently pushed boundaries and created amazing games that we've been hugely proud of."
Two of the developer's projects are self-sufficient, and Blitz management hope to form a new company around them, safeguarding 50 of the 175 jobs.
Oxford-based developer Rebellion is also in talks with Blitz to take on some of the remaining staff.
Blitz diversified into six divisions including one specialising in downloadable titles such as SpongeBob SquarePants - Underpants Slam, and a mature gamer section which included the 2006 BAFTA runner-up Reservoir Dogs.
The company has won numerous awards including ICT Excellence in Skills 2007, and Warwickshire Employer of Choice Awards 2006, for creating an exceptional working environment.
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