Fae Farm and Dauntless developer Phoenix Labs is undergoing a significant restructure, cancelling all other projects and laying off around 140 staff.

The studio shared the news in a LinkedIn post, stating that after a "long period of evaluating how to navigate our economic environment, we have had to significantly restructure the company to pave a path for a strong future."

The statement does not specify how many staff are affected by layoffs, but principal engineer Kris Morness posted "about 140" people have been impacted. What's more, one of the cancelled projects includes a game set to be announced in a month's time.

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