Paladin Studios shuts down after nearly 19 years

Mobile and indie game developer Paladin Studios has ceased its operations.

Paladin's announcement attributed the decision to the studio's lack of work.

"We unfortunately failed to land enough work to cover our burn-rate. Yesterday we hit an inflection point for our financial security," it said.

"Going further with the current outlook would have been an irresponsible decision that would have likely caused insolvency. We have therefore taken this step to ensure a proper winding down, where all employees are given proper severance, and the studio remains debt-free."

Based in The Hague, Netherlands, Paladin launched in 2005. It has since released games such as Amazing Katamari Damacy, My Tamagotchi Forever, and Galaga Wars.

The studio closed with 45 employees. Paladin also said it will continue providing technical support for its games library.