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Two weeks ago, VGC's Andy Robinson claimed that Free Radical Design, the developers of the Timesplitters games, some Crysis games and Haze, would be shut down before Christmas because of Embracer Group's ever-going slim down, and he was as expected right.
Adam Kiraly, a now former senior tech artist at the studio, and many other developers confirm that Free Radical Design was officially shut down today, as every employee handed in their keys and left the office for the last time.
They obviously don't mention anything about the previously announced new entry in the Timesplitters series, so only time will tell if that has been cancelled or not.