Happy New Year. We're glad we shut down over Christmas. You didn't miss a whole lot.

By far the most important story over the break was news that Free Radical cut its workforce by 140 to just 40.

The developer was confirmed as being in administration just before the Christmas holiday.

Speaking to 1UP, Cameron Gunn of administrators ReSolve Partners said, "We made around 140 employees redundant yesterday, effective 31 December (the date up to which they had been paid). We're still trading on with the remaining 40 or so employees, have advertised the business for sale and have received some strong interest."

News broke mid-December that staff had turned up for work only to be locked with a notice on the door telling them to adjourn to a nearby hotel.

Free Radical aside, other noteworthy Christmas news included confirmation that Mistwalker JRPG Cry On has been cancelled.

"AQI decided to cancel the project after analyzing the current market environment and forecasts for the future. We deeply apologize for troubling those who were awaiting its release," said a company rep.

Cry On was apparently part of "Hironobu Sakaguchi's triumvirate of Xbox 360 titles," says this 1UP piece (the other two being Blue Dragon and Lost Odyssey), and for those of you who don't know, the game "was to be an action-RPG featuring a Nobuo Uematsu soundtrack [and] character designs by Kimihiko Fujisaka."

Full round up below.

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