After unconfirmed rumours began to speckle the landscape of the internet regarding the possible closure of Swedish game developer GRIN, the news has unfortunately been announced that the company has indeed shut its doors due to “cashflow” problems, following the less than stellar reception of the studio’s last three games.

After twelve years spent working on games such as Ballistics, Bandits, Ghost Recon: Advanced Warfighter 1 and 2 on the PC, Bionic Commando, Bionic Commando: Rearmed, Wanted: Weapons of Fate, and Terminator: Salvation, studio founders Bo and Ulf Andersson posted on GRIN’s website, confirming the closure:

“It is with a heavy heart we announce today that GRIN has been forced to close its doors. This as too many publishers have been delaying their payments, causing an unbearable cashflow situation.

”After twelve years of hard work, employing hundreds of wonderfully talented men and women, it is over. It has been a great adventure and the GRIN family has experienced what few have.”

After going on to thank a multitude of people who helped GRIN become the studio it eventually went on to be, the post ends:

“And to all our gamers – we hope you had a good time.”

It has been revealed, however, that a new development studio has already risen from the ashes of GRIN. Called Outbreak Studios, and based in Gothenburg, Sweden, the new developer comprises 25 former GRIN employees and will centre on multiplatform game development, focussing in particular on online gaming. A statement on the company’s website reads:

“Outbreak Studios believes in having a small number of core employees that are extremely dedicated, focused and deliver high quality. Most of our associates have worked in the game industry for more than ten years. All of them have worked together for several years.

“Our mission is to develop titles for Xbox 360 (XBLA), PS3 (PlayStation Store), Games for Windows Live, PSP Go and iPhone. We also deliver online components for AAA titles, both existing or upcoming.”

All the best to the former members of GRIN and the new studio!