After Activision recommended the studio be shut down one month ago, it has now come into fruition. Bizarre Creations will be closed at the end of this week. After being in financial trouble for a while now, mainly to do with the commercial flop Blur, Activision sought to sell the studio, but no buyers were forthcoming.
Having created the Project Gotham Series and Formula 1 back on the original PlayStation, it's quite sad to see the studio go. It seems unlikely that any of the franchises will be picked up by another publisher.