Eurocom, the development studio probably best known for GoldenEye 007 on Wii, has today announced a large number of redundancies as part of a restructuring effort. The company has confirmed that its number of employees has dropped from over 200 to just 50.

Eurocom has been in business since the NES era, but is known for some notable recent releases on Wii and its rival HD systems. GoldenEye 007 and Dead Space: Extraction both drew a great deal of critical praise, though the studio's most recent effort, 007 Legends, was widely panned; it's reported that this final console title was victim to tight deadlines imposed by the publisher, Activision.

Eurocom Director Hugh Binns issued the following statement.

Eurocom are undertaking a restructuring which I regret to say has meant we've made the majority of our workforce redundant today.

This includes many very experienced, talented and highly skilled employees, and we'd like to thank them all for your hard work and efforts.

We've fought to try and save as many jobs as possible, but the steep decline in demand for console games, culminating in a number of console projects falling through in the last week, left us with no option. Eurocom has retained a core staff of just under 50 employees and will be focusing mainly on mobile opportunities moving forward.

There's little doubt that, given the right project and enough development time, Eurocom was capable of producing high-quality titles. We wish all of the staff made redundant the best of luck in their future endeavours.