Like several others, this news brought me out of the woodwork.
I'm sad to see this news, but (and perhaps this will be unpopular) I'm not altogether surprised. Never good to read about studios getting shut down, and I honestly hope all those affected by this land on their feet and find work elsewhere.

For a combination of reasons, Wipeout was no longer a blockbuster name. We all love(d) it, sure - but Vita's didn't exactly fly off the shelves because of 2048, for example.

Personally, the last entry in the series I truly enjoyed was W3SE. The recent iterations had some interesting things in them for sure - I think Zone Mode is brilliant, but overall they just didn't grab me the same way.