Bizarre Creations is the UK studio famous for Blur and Project Gotham Racing, as well as downloadable darling Geometry Wars. They just put out James Bond: Blood Stone for 360 and Ps3. Now it seems that Activision, that bought the studio in 2007, are shutting them down.
There are also rumors going around of the closing of Budcat Creations, that have handled console port duties like the Wii and PS2 versions of Guitar Hero. Also at the time of writing, Duke Nukem creator posted on twitter that LucasArts will be going through with lay-offs today as well. A sad day for the industry.