May 24, 2012, 5:37 PM EST
Curt Schilling’s 38 Studios, which released its first game to generally positive reviews earlier this year, closed its doors Thursday, laying off its entire staff.
Despite having received a $75 million loan guarantee from Rhode Island, the company failed to stay afloat while trying to develop a large-scale MMO called Copernicus. This despite the fact that the game it released this February, Kingdoms of Amalur: Reckoning, sold 1.2 million copies in its first 90 days, according to Schilling.
38 Studios’ future had been uncertain after it missed a scheduled payment to Rhode Island earlier this month. It was later reported that in trying to make a late payment of $1.1 million, the company gave the state a bad check.
Schilling, an avid gamer even during his years in the majors, was hoping Copernicus would make a dent in the lucrative MMO market largely ruled by World of Warcraft. It was to be the first game developed by 38 Studios. Reckoning was developed by Big Huge Games, a company bought by 38 Studios in 2010.
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