They never got revived. A third party bought their titles and company title when they went bankrupt.
The new company renamed a division of itself to Telltale and offered the old devs jobs as temporary contract workers.
None of the previous workers took the job. They did end up hiring Adhoc Studios (real former TellTale members) to work on TWAU2 after development stalled.
It should be no surprise that the company is laying off people. They did nothing with the IPs for 4 years besides sit on royalties.