Gaming business site GameDaily reports that Telltale Games has been undergoing assignment proceedings since early October. It's a practice that allows a company to close down without going through bankruptcy. A company called Sherwood Partners is set to handle things, and they have reached out to see who's got claims on the company as they will sell off what assets there are on assignment. It is a bit unclear how this affects the claims of former employees who have sued Telltale Games over lack of severance pay as that is a separate procedure, but in all likelihood, it will get messy as the company who lived over its means for a long time.
It is also being reported that some Telltale titles have been taken off Steam for the time being, potentially as licenses are involved, but the majority of Telltale's catalog is still available for purchase. As you may know, Skybound has assumed responsibility for the final season of The Walking Dead and plan on releasing the penultimate episode before the end of the year.
Remains to be seen where the rights to these games end up, some may revert to the license-holders, others may find new homes.