According to this morning's statement, senior management will form a new company to house two of Blitz's current projects, noted as being financially self-sustaining. The new company is expected to re-recruit 50 of the 175 employees laid off today. Sniper Elite dev Rebellion is also in "close talks" with management to hire those still employed at Blitz.
Blitz Games Studios worked mainly on licensed titles across its 23 years, most notably in recent times on Epic Mickey 2 on Vita, The Biggest Loser games, and Puss in Boots. As CVG notes, Blitz was well known for its active role in the UK indie community, and for hiring and training young talent. Last year the studio tried to resurrect the Dizzy series on Kickstarter, but the campaign failed to gain anywhere near the traction required to fund it.