They're down to 30 staffers left, and they had 65 on 'The Tribes' project at least. Red 5's sci-fi MMOFPS has been placed on hold for now.
"Red 5 Studios was said by sources to have been nearing closure, but was bailed out by an unnamed buyer last week, with employees let go following the buyout," reports .
They have apparently switched priority right now, one "aimed at the Chinese market." This project will obviously prove less taxing than their futuristic military MMO that was chugging along down the pipeline.
Red 5 Studios was founded by Mark Kern, William Petras and Taewon Yun - all former World of Warcraft developers. Korean publisher Webzen signed a deal in 2008 worth $18.5 million for the studio to work on this MMOFPS.
No word from Red 5 Studios themselves yet - at least they were saved, right?