2K Australia is closing down, with all employees set to lose their jobs or be reassigned, a representative for parent company 2K Games confirmed to Polygon today.

Following an initial report from Kotaku Australia based on an anonymous source, a 2K representative sent the following statement to Polygon:

We can confirm we have taken steps to begin the studio closure process for 2K Australia in order to better manage ongoing development costs while improving the working proximity of our creative teams. We are very grateful for the team's valuable contributions to numerous 2K projects, and are working with affected staff to explore reassignment opportunities where possible.

2K Australia most recently developed Borderlands: The Pre-Sequel, which launched last October on PlayStation 3, Windows PC and Xbox 360. The Canberra, Australia-based studio was founded in 2000 as Irrational Games Australia, a subsidiary of Irrational Games, before its acquisition by 2K in 2006. The main Irrational studio itself shut down in 2014.

2K Australia worked on a long list of titles from Irrational and other 2K studios — the company served as a co-developer on BioShock 2 (2010) and BioShock Infinite (2013), and contributed to games such as 2004's Tribes: Vengeance and 2013's The Bureau: XCOM Declassified.