It’s not cool to bring bad news during the peaceful holiday season but I’m afraid there’s no alternative here. Unfortunately, the rumors we reported on last week were spot on — Free Radical is in some deep doo-doo. It has now been officially announced that the Haze developer is cutting its workforce by 75%, meaning 140 of its employees will have to start looking for new positions effective Dec. 31. And the company itself, along with its remaining 40 or so employees, has been put up for sale. The good news in this, for gamers at least, is that, according to Cameron Gunn of administrators ReSolve Partners, there’s already “some strong interest” in the company. While the names of the potential new owners of Free Radical are being kept under wraps for now, at least the hope of the projects currently underway — like TimeSplitters 4 — ever seeing the light of day is being kept alive.