The company released a public statement today about the closing:

Capcom has been focused on increasing the efficiency and growth of its game development operations. To support this objective, new R&D facilities and annual hiring have been underway at the Osaka headquarters. In consideration of this process, as a result of reviewing titles in development at Capcom Vancouver, Capcom has decided to cancel the development projects at this studio and will concentrate development of major titles in Japan. We appreciate the hard work and contributions of all the studio team members in creating unforgettable gameplay experiences for the Dead Rising series and Puzzle Fighter.

Capcom had previously been restructuring its Vancouver operation, and had laid off around 50 people from the studio earlier this year. Some of the Capcom Vancouver crew have posted about the closure on Twitter:

Unfortunately Capcom Vancouver shuttered today. I’m in a bit of a shock, but if you know of anyone looking for an 18 year experienced game designer send them my way. Spread the word! — Aidan Scanlan (@aidanscanlan) September 18, 2018

Still in shock about the news of @CapcomVancouver shutting down. Was one hell of a ride. Lotsa great times with amazingly talented people. Thanks for the adventures. Cheers to new beginnings. #gamedev #Animation — Henry Truong (@thathenryguy) September 18, 2018

Capcom released a notice today saying that it expects to record losses of 4.5 billion yen ($40 million USD) from the termination of development on projects at its Vancouver studio. Overall, however, the company is having a banner year thanks to the blockbuster success of Monster Hunter: World, which has sold over 10 million copies across all platforms since being released in January.