The Stockholm-based developers of such wondrous fare as Ghost Recon: Advanced Warfighter 1 and 2 for PC, and both the recent Bionic Commando reinventions has closed its doors for the last time.

GRIN’s founders, Bo and Ulf Andersson, break the news on the firm’s official website (www.grin.se), confirming rumours to the same effect that had been rumbling all week:

“It is with a heavy heart we announce today that GRIN has been forced to close its doors. This as too many publishers have been delaying their payments, causing an unbearable cashflow situation,” they admit, glumly.

“After twelve years of hard work, employing hundreds of wonderfully talented men and women, it is over. It has been a great adventure and the GRIN family has experienced what few have. “

“Looking back at twelve years of games, titles such as Ballistics, Bandits, GRAW 1 & 2, Bionic Commando Rearmed, Wanted: Weapons of Fate, Terminator: Salvation, Bionic Commando and our unreleased masterpiece that we weren’t allowed to finish; it has been a great ride.”

That’s very sad news, isn’t it? But perhaps all is not lost – 25 former GRIN employees have already set up Outbreak Studios, with a remit to focus on digital formats such as Xbox LIVE, PSN and, of course, iPhone. Also, we rather fancy that some enterprising outfit will come to pick up the pieces of the unfinished GRIN masterpiece. Perhaps even the one that Ulf and Bo set up next. Fingers crossed, anyway.