The Liverpool studio will close its doors on February 18 after failing to find a buyer, according to Develop.
Last November Activision said was to sell the company following poor sales and changes in the "fundamentals of the racing genre".
Although it was reported that numerous buyers were interested, none have since stepped forward to save the company.
Founded in 1994 by Martyn Chudley, the studio has been responsible for Wiz N Liz, Formula 1 '97, Metropolis Street Racer, Project Gotham Racing, Geometry Wars and Blur.
Bizarre Creations was purchased by Activision in 2007, and released Blur and James Bond 007: Blood Stone under the publisher.