The upcoming Dead Rising title hadn't been officially announced, and was "over-scoped and under-staffed (as many video games are)" according to the report.
First reported by Kotaku, the publisher hoped the layoffs would "streamline the company" and "wrangle the next Dead Rising".
Whatever your thoughts happen to be about Capcom and Dead Rising 4, the truth behind it all is that Capcom has laid off 30% of the Vancouver studio. The previous two Dead Rising games, Dead Rising 3 and Dead Rising 4, strayed away from the previous formula of the two entries of the title. Disliked by the majority of critics and fans, the sequel failed to capture the magic of a Dead Rising game, instead opting for a more streamlined (read: less like Dead Rising) and straightforward approach. As has the scope of the Dead Rising 5. The team is still dedicated to the Dead Rising series however, the developers didn't comment on the rumours about the rumoured cancelled unannounced project.
Kotaku's source, who has remained anonymous for obvious reasons, revealed that the unannounced game was envisioned as a third-person action-adventure game set in an alternate reality version of NY.
As always, our best wishes go out to the former Capcom Vancouver employees who were affected by today's layoffs.