Disney has closed LucasArts, as the studio transitions from interal development to a licensing model.

Since its founding in 1982, LucasArts has been responsible for some of the most memorable video games of all time, including the "Monkey Island" series, "X-Wing," "Tie Fighter," "Grim Fandango" and a whole host of other hits over the last 30 years. Following the sale of its parent company, Lucasfilm, to Disney, many fans wondered what would happen to the game studio and its highly anticipated project "Star Wars 1313" -- and while the wait has come to an end, it's not a good news. Kotaku reports Disney has laid off the 150 LucasArts staff and shut down production both "Star Wars 1313" and "Star Wars: First Assault," the studio's current projects, effectively shutting down the studio. There are no updates as to whether these projects will continue in another capacity.

According to IGN, the studio intends to shift from internal development to a licensing model, which explains the vast number of layoffs.

"After evaluating our position in the games market, we've decided to shift LucasArts from an internal development to a licensing model, minimizing the company's risk while achieving a broader portfolio of quality Star Wars games," a LucasArts spokesperson told IGN. "As a result of this change, we've had layoffs across the organization. We are incredibly appreciative and proud of the talented teams who have been developing our new titles."

Stay tuned to CBR News for more as it develops.