One of esports’ original broadcasters is releasing its full-time staff due to impending financial difficulties — and possibly shutting down completely.

David “LD” Gorman, co-founder of BTS, confirmed that the studio was letting go of all its employees in a shock announcement.

“Unfortunately, despite our best efforts, things haven’t broken our way,” LD wrote in a two-page statement.

The BTS co-founder said that the company’s “number one priority” was to ensure that its employees would not be “out in the cold.”

“Based on our current financial outlook, and how challenging the next year looks, we’ve decided that it would be irresponsible to keep BTS going in its current structure,” LD wrote. “So, after nearly 11 years in business, we’ve made the extremely difficult decision to let all our people go.”

Beyond the Summit will continue to honor active contracts

It’s not all doom and gloom, however. The company will continue to operate until April, with the upcoming Smash Ultimate Summit 6 and other active contracts to be fulfilled. The company will also continue to exist in some capacity, with the company’s leadership still sourcing for possible opportunities.

“Still, we’re open to exploring other paths forward, especially ones that allow us to do right by our staff. BTS has a beloved brand, a fantastic network of talented people who make cool shit, a state-of-the-art studio, professional gear, and plenty of openings in our production calendar.”

You can read the full statement here.

The esports production company, founded in March 2012, started off in Dota 2 with the Gigabyte Dota 2 Masters, before branching out to other games.

Hosting numerous tournaments, BTS became best known for their Summit tournament series. First starting with Dota, it extended to several other esports, including Smash, Counter-Strike, and Rocket League. The competition’s relaxed vibes, fun content pieces, and unrestrained access to pro players proved to be a hit with fans.

READ MORE: Beyond the Summit ‘unclear’ on future Dota content, not producing DPC league next year