The past year hasn’t been good for many companies under Embracer Group with numerous studios finding themselves either sold off or shut down. Now, reports have come out that Gothic and Elex developer Piranha Bytes is the latest of these casualties.

Polish site CDAction states per their sources that the company was shuttered at the end of June. Allegedly, this had been in the making for much longer than the current crisis Embracer has found themselves in, but eventually the money has reportedly dried up for Piranha Bytes.

According to their sources, there were plans for a potential buyout to keep the studio afloat. However, those plans unfortunately fell through, leaving their fate doomed. It doesn’t seem that there will be an official announcement of the studio’s closure, but that remains to be seen.

As mentioned before, this is the latest among Embracer Groups shut down studios over the past year. Currently, it doesn’t seem this will be the last either.