Starbreeze chief executive officer Bo Andersson Klint has stepped down and resigned from the company’s board of directors following the disappointing launch of Overkill’s The Walking Dead, reports.

Last month, Stabreeze’s board issued a mandate that the Swedish company cut costs. Starbreeze is facing insolvency, and it has filed for reconstruction with the Stockholm District Court.

“The decision is based on a shortage of liquidity and deemed to be a necessary step to give the company the time needed to negotiate a long-term financial solution and implement changes in the organization and operations,” Starbreeze said in a statement posted by

Klint had been CEO since 2013. Mikael Nermark will be Starbreeze’s acting CEO until a replacement for Klint is found. Nermark has acted as a deputy CEO for the company in the past.

Overkill’s The Walking Dead came out on November 6 for PlayStation 4, Xbox One, and PC. The cooperative shooter has players fighting together to survive zombie-infested levels. Despite the attachment of the popular IP, the game has struggled to find an audience.