Last year it was reported that Free Radical (Time Splitters, Haze) was in a state of administration, a process by which a third party attempts to sort out another company’s financials. While it was widely reported at the time that Free Radical was closing, no such decision had been made at the time.

Over the Christmas break, however, news broke that Free Radical would be reducing its staff by a whopping 140 members, leaving the company with an effective skeleton staff of 40 developers. Not only that, but the company is now officially up for sale with interested parties already showing curiosity over the potential of buying Free Radical. Resolve Partners’ Cameron Gunn said:

“We made around 140 employees redundant yesterday (December 23rd 2008), effective 31 December (the date up to which they had been paid). We’re still trading on with the remaining 40 or so employees, have advertised the business for sale and have received some strong interest.”

Hopefully everybody lands (or has already landed) on their feet.