No announced games cancelled. No shuttered. IP rights remain with the studios that are separating.
This isn't even remotely close to the sheer level of "Xbox is dead" the games media has been feeding us these last two weeks.
The layoffs suck, but wow. Was expecting much worse.
My favorite thing about Electric Avenue in particular is that an entity of otherworldly proportions begins piloting Bam's body once the first stun gun zaps him.