It's only been seven weeks since United Front Games, the developers of Sleeping Dogs and ModNation Racers, revealed Smash & Grab, so we got caught by surprise when receiving today's news. The news was first reported on NeoGAF, by a reliable poster (Bishoptl), who has worked many years at different Vancouver-based studios. No official confirmation exists at this moment.
Smash & Grab saw Early Access release late last month on Steam, and was in fact enjoying a "free weekend" currently, but it would seem the launch was a last ditch attempt by United Front Games to remain afloat. Apart from Sleeping Dogs and Smash & Grab, UFG also created the Sony-published PS3 titles Modnation Racers and Little Big Planet Karting.
Our best wishes goes out to everyone affected by the closure.