A series of Twitter posts from (former) Radical Heights Lead Producer Ron LaJoie seems to indicate that he did not know that Boss Key Productions was closing until he was told by his 10-year-old daughter. She sent him a copy of the press release from Cliff Bleszinki where he announced that Boss Key was "effectively shut down". It is unclear whether other employees were told ahead of time or not.
La Joie later tweeted that this is "pretty norm for the games industry".
Earlier in the day, a fan had asked LaJoie when female characters would be coming to Radical Heights. At first, he said, "No ETA" but that they were in the works. Not long after, however, he backtracked saying, "Welp, scratch that. No female ever :(" presumably after finding out that Boss Key was closing.
For the time being, Radical Heights remains open on Steam, though what future development on the Early Access title remains to be seen.