Starbreeze CEO Mikael Nermark, who is currently investigating the reason for the title's underwhelming performance, blamed the timing of the GAME crisis for the decline in post-release sales.
"There's so many reasons why a game succeeds or fails from a commercial point of view. We released the game about a month or more ago, and we're doing our post-mortem right now: what did we do right, what did we do wrong, and of course we will look at the commercial side as well," Nermark told Games Industry.biz.
"The numbers are not as high as we would like, and I think if you asked anyone they would say the same thing about any game they made.
"But [Syndicate] was released in the midst of GAME going under; the retail space is hurting, and I think that hurt us because we were such a retail product."
GAME Group's entry into administration drove yearly video game sales down by 34%, it was revealed last week.
The retailer was saved from administration by Comet owners OpCapita.
A total of 277 shops and 2,000 jobs were lost as a result of the GAME Group's struggles. The remaining 333 stores are expected to stay open for business.
> Read our review of 'Syndicate'
Watch a trailer for Syndicate below: