It appears as though the economy has caused another casualty of war. GRIN has been forced to close their doors after 12 years of game development.

Co-founders Bo and Ulf Andersson confirmed on the website yesterday the reasoning for the closure.

“It is with a heavy heart we announce today that GRIN has been forced to close its doors. This as too many publishers have been delaying their payments, causing an unbearable cashflow situation.”

Most recently known for creating Bionic Commando, Bionic Commando Rearmed, Wanted: Weapons of Fate and more this is yet another sign that the videogame industry is not immune to these troubling economic times we’re in as was once believed.

A number of staff from GRIN have joined Outbreak Studios.