Sad news has reached us today, as we've learned that the entire staff of Kingdoms of Amalur: The Reckoning developer 38 Studios has (reportedly) been let go.

The company has been plagued with financial troubles recently, with reports claiming that the studio missed a loan payment to the state of Rhose Island and that employees hadn't received payment. This is likely the final death blow to the studio, founded by ex-baseball player Curt Schilling, who moved the business to Rhode Island to take advantage of significant tax breaks.

Meanwhile, a video surfaced this week showing scenes and environments from 38's supposed Kingdoms of Amalur follow-up, code named Project Copernicus. The status of this game, as well as the studio's future, is currently unknown.

We sincerely wish everyone involved the best of luck, and we hope to receive official word soon. Did you enjoy Kingdoms of Amalur: The Reckoning? Where do you think 38 went wrong, if at all? Let us know in the comments or on Twitter.

[via Gametrailers]