Game Informer reports that even though Irrational Games is closing, Bioshock will continue as a franchise. Founder Ken Levine announced he would start again with Take-Two and 2K Games bringing fifteen people with him. The rest of the employees (which The Boston Globe said was over 100) will find employment elsewhere.

2K Games said in a statement: "BioShock is one of our most beloved and critically acclaimed franchises, and we are indebted to Ken and the talented team at Irrational Games for their contributions to the series with BioShock and BioShock Infinite; the latter being one of the most decorated games of 2013. The BioShock universe remains a rich creative canvas for many untold stories, and we look forward to exploring the next BioShock experience."

Irrational is holding a recruiting day for the employees who are departing. Several developers and publishers will be in attendance, including Crytek (USA and global), BioWare, Retro Studios, Insomniac, Turtle Rock, Bethesda and Gearbox, with more likely to be announced later. 

Read more at http://www.411mania.com/games/news/313842/BioShock-Will-Continue-Even-After-Irrational-Games-Closes.htm#QysqiOg13EGRqfmo.99