News Volition Games, The Developers of Saints Row and Red Faction, Has Shut Down

[Shagger]

Embracer Group, who own the studio, announced a cooperate restructuring to strengthen it's ailing business back in June. It appears Volition Games is the fist victim of this move. Several employees of the studio announced on X (Calling it "X" still feels weird to me) that they had been let go before the studio made an official statement below.
Full story from Game Informer;

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I like Saints Row, but my fondest memories of this studio come from back when they were called Parallax and the Decent Series. The First Decent game especially I loved as a kid. So yeah, this is sad, but I can't say I'm surprised either because, and let's be honest, this studio hasn't done much to shout about over the last 10 years. I hope those people find new jobs swiftly and hope that at least some of thier IP's will live on.