I'm not overly surprised in that, but it does suck. I think McFarlane got away from the actual toy business a while ago and were in the business of making small, low priced statues. The detail and paint apps on their stuff really blew a lot of things out of the water, especially for the price. But they weren't really making anything that I wanted to buy, at least not for the last couple of years.
I bought, I think, one Predator figure a while back and then a Master Chief from their new line. But while I liked seeing some of their stuff (Dragons, misc other non-sports stuff) in the store from time to time, I never really felt compelled to buy any of it.
McFarlane filled a spot in the toy aisle that there was a market for, but with a lot of economic things being the way they are now, that market has probably shrunk. One thing is for sure, for the last few years it never seemed like there was any shortage of any of the McFarlane lines on the shelves, except for maybe the chase figures. Plus all the exclusives, as mentioned, was kind of a kick in the ass some times.
I'd hate to see them completely go away, so if they can downsize and keep some of their more popular lines going, I think that would be a good outcome.