The studio had around 100 employees. 
According to a blog post by ex-Aces developer Phil Taylor, all but six of the Aces Studio staffer were let go immediately, while the remaining have been kept “to perform an orderly shutdown and service existing contracts ( likely ESP )”:
According to a blog post by ex-Aces developer Phil Taylor, all but six of the Aces Studio staffer were let go immediately, while the remaining have been kept “to perform an orderly shutdown and service existing contracts ( likely ESP )”: “There was an all-hands meeting, then people got 1 of 2 emails from HR:
1) your last day is Jan 23 ( 24 hrs notice ) and your badge and email will stop working at 7:00 pm on the 23rd.
2) you have 60 days to find a job, your badge and email will work until Mar 23. If you find a job great, if not that is your last day.”
Microsoft claims that the closure of the studio doesn’t necessarily mean that the series will come to an end as well. There are plans to keep the series alive in the future, but no plans have been unveiled yet.