By Jonathon Dornbush
Updated March 07, 2016 at 03:35 PM EST

The long-in-development next entry of the Fable franchise is no more, and the studio behind the series may soon see its doors close.

Hanno Lemke, the general manager of Microsoft Studios in Europe, announced that PC and Xbox One game Fable Legends has been canceled and that Microsoft is “in discussions with employees about the proposed closure of Lionhead Studios.”

Lionhead, which counted among its founders Peter Molyneux, first debuted the Fable franchise in 2004, delivering two more numbered sequels and several spin-off games. Fable Legends was to offer a single or multiple player adventure where players could choose the roles of heroes or villains. Heroes would attempt to accomplish certain objectives in each mission while villains would attempt to stop them. First announced in 2013, the game was to most recently have an open beta this spring, but the game will no longer be going forward.

In addition to the Fable franchise, Lionhead also developed the Black & White series and the PC simulation game The Movies. No final decision has yet been announced about the studio’s future.

In addition, Press Playy Studios, the developers behind Max: The Curse of the Brotherhood, will close, with development ending on its current title Project Knoxville. Lemke says that Microsoft is “committed to working closely with those affected by today’s news to find them new opportunities at Xbox, or partnering with the broader development community to help place them in jobs elsewhere in the games industry should they desire.”