A statement received by Gamasutra reads as follows:
It was with much sadness that we informed our teams today of changes to our Games organization, which include the closure of Junction Point Studios. These changes are part of our ongoing effort to address the fast-evolving gaming platforms and marketplace and to align resources against our key priorities. Were extremely grateful to Warren Spector and the Junction Point team for their creative contributions to Disney with Disney Epic Mickey and Disney Epic Mickey 2.
Epic Mickey, released in November 2010, reportedly sold 1.3 million copies by the close of that year. If accurate, Epic Mickey 2's sales represent a commercial plummet for the series, despite the sequel coming to PS3, Xbox 360, and Wii U last year in addition to the Wii, not to mention the 700 or so people who worked on the game.
If true, Disney are idiots if they ever let Warren Spector (who has clearly lost his touch) darken their door again. Epic Mickey had some really cool concept art, but based on the underwhelming demo of EM2 and the lukewarm at best reviews of both games (EM2's reviews complained about sloppy combat, poor companion AI, a bad camera and repetitive mission design) the series never lived up to its promise.