The team behind the recent GoldenEye remake, and titles such as Dead Space: Extraction, has retained only a quarter of its 200-strong workforce, reports GamesIndustry International.
Copyright: ActivisionBased in Derbyshire, the studio intends to focus primarily on mobile development going forward, citing a decline in the demand for console games as a contributing factor to its current predicament.
"Eurocom are undertaking a restructuring which I regret to say has meant we've made the majority of our workforce redundant today," reads an official statement.
"This includes many very experienced, talented and highly skilled employees, and we'd like to thank them all for your hard work and efforts.
"We've fought to try and save as many jobs as possible, but the steep decline in demand for console games, culminating in a number of console projects falling through in the last week, left us with no option.
"Eurocom has retained a core staff of just under 50 employees and will be focusing mainly on mobile opportunities moving forward."
Most recently the studio delivered 007 Legends, which celebrates 50 years of James Bond and features levels based on classic films including Goldfinger, Moonraker and Licence to Kill.
The game was poorly received by critics, however, and failed to make the all-format top ten in its first week on sale.
> Read Digital Spy's '007 Legends' review
Watch a trailer for 007 Legends below: