It has been less than two months since Microsoft announced that it would likely be shuttering Fable series developer Lionhead Studios and cancelling the upcoming Fable Legends, and today the 20-year-old studio has officially been closed.

“We can confirm that after much consideration over the six week consultation period with Lionhead employees, we have reached the decision to close Lionhead Studios,” a Microsoft spokesperson said in a statement. “We have nothing but heart-felt thanks for the team at Lionhead for their significant contributions to Xbox and the games industry.”

As part of the studio closure, Microsoft has also cancelled all development on Fable Legends, which had been in development for several years and had already entered beta testing. Lionhead shut down the beta earlier this month, telling players that all in-game purchases that had made during the testing period would be refunded by Microsoft.

“All of us here at Lionhead Studios would like to thank you for participating in the closed beta and being a part of the game’s development,” the studio said in a blog post at the time. “All stories have to end eventually, but the memories of Heroic triumphs and Villainous plots will last forever. Thank you for your support – you are all Legends!”

It is unclear what will become of the Fable franchise going forward. Microsoft still owns the rights to the series, so there is a possibility that the company could pass it off to one of its many other game studios, but so far, no plans have been revealed.

The first Fable was released in 2004 for the original Xbox and became an instant classic for the console, and while its two direct sequels did not receive quite the same universal acclaim, the series still has a large dedicated fan base.

Other games that had been released by Lionhead include the Black & White god games and The Movies.

Image credit: Lionshead Studios (c)