Wheelman dev Midway Newcastle will be forced to close its doors in two weeks time, unless it manages to find a buyer and a publisher for its unannounced, open world game.
Warner Bros. made a $33 million bid for troubled publisher Midway's remaining assets, but that didn't include its San Diego and Newcastle studios.
According to the Guardian, the pair now have until the end of the month to secure buyers or investors or they'll be forced to close.
"100 percent of my efforts and focus are on finding a solution to keep the studio going forward, making it viable and securing jobs in the team," Midway Newcastle boss Craig Duncan said. "It may sound like a football cliché but this studio is too good a team to have to shut down - it would be a travesty."
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Earlier this month the developer used E3 to flog its unannounced UE3 game to prospective buyers, but it doesn't sound like it's having an easy time finding money.
"I met with a number of interested parties," said Duncan. "When we presented the new game everyone loved it and was really impressed with our proposition. What counts against us is the timeframe and the fact the market is tough currently for both investors and games companies... if I had £100k for every time someone said, 'a year ago we would have bought you', I could buy the studio personally."