ninja theory's history is basically being a studio that gets bailed out all the time with all of their games being commercial failures. they clawed back a little bit with their "independent AAA" idea for the first hellblade but the game only has the veneer of a triple A game. it doesn't play like one. it isn't fun. it's barely a game. it just looks pretty.
ninja theory's eyes are bigger than its stomach. their studio facing a shutdown is not surprising in the slightest. they should have pivoted to making budget titles that focused on really fun, highly replayable gameplay a long time ago but they chose to chase presentation instead. good lesson for other studios, hopefully some will learn.