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Forgive the cliche, but it’s nearly game over for Curt Schilling’s video game company, 38 Studios.
The company laid off all of the employees on Thursday, one week after it was unable to make payroll. The company had nearly 400 workers.
38 Studios was founded six years ago in Maynard, Massachusetts, but later moved its headquarters to Rhode Island, where officials issued the company a $75 million loan guarantee in 2010.
Last week, Rhode Island officials held emergency meetings two weeks after the company was unable to make a $1.1 million loan payment back to the state. The company later bounced a check before actually making the payment.
The company produced one video game called “Kingdoms of Amalur: Reckoning” and had a new massively multi-player online game on the way for 2013 tentatively titled “Copernicus.” The game, still in development, has already cost the company tens of millions of dollars to produce.
With the online game on the way, 38 Studios has tried hard to find additional investors to keep the company afloat, but has failed so far.
“I have not given up,” Rhode Island Gov. Lincoln Chafee told Boston.com. “But I am also a realist. What we’ve learned from (industry) experts is grim news. Very, very grim.”
The state of Rhode Island has already given Schilling’s company $49 million.
Schilling has poured more than $30 million of his personal fortune into the company, but he, too, is tapped.