European giant Embracer Group has closed down its Volition Games studio.

In a post on the developer's LinkedIn, it was announced that the company would be closing down with immediate effect. This comes in the wake of Volition's last two games – Agents of Mayhem and Saints Row – being critically slammed. The company says it is providing job assistance to help staff find new jobs.

"This past June, Embracer Group announced a restructuring program to strengthen Embracer and maintain its position as a leader in the video game industry," Volition wrote.

"As part of that program, they evaluated strategic and operational goals and made the difficult decision to close Volition effective immediately."

Embracer has also reportedly made layoffs at Gearbox Publishing, presumably as another part of this restructuring program the company has enacted. Staff have posted on LinkedIn – as spotted by Game Developer – that the company was cutting a series of jobs.

This follows Embracer failing to land a $2 billion deal – something that has tanked the company's stock price and left it on super unstable ground.