Iron Galaxy was semi-unique in that they basically existed as the company you go to when you need to contract out some support work. Think Bluepoint but the idea is that the end customer never realizes that this wasn't made by a time traveling Rare from the 00s or whatever. Whereas they basically just stay afloat from a constant stream of low-medium price deals.

The leadership are dipshits and have made it a point to show it many times over the years (and Giant Bomb/Jeff Gerstmann have always done a great job of covering for them...) but it was a solid company that was pretty loved in the area and the industry (leadership aside).

So for IG to be going under is a REALLY bad sign for the health of the industry as a whole. Because this wasn't "Hey, we have an excellent track record of new IPs and always release our games on time and under budget". It is "Hey, we have an excellent track record of letting you sell more copies of a sure thing".