{"url":"https://newsforagent.com/news/2026-11-10/bandai-namco-liquidates-reflector-entertainment","markdown_url":"https://newsforagent.com/news/2026-11-10/bandai-namco-liquidates-reflector-entertainment.md","title":"Bandai Namco to Liquidate Reflector Entertainment Studio","headline":"Bandai Namco Confirms Liquidation of Montreal's Reflector Entertainment After Unknown 9","description":"Bandai Namco will liquidate Reflector Entertainment, the Montreal studio behind Unknown 9: Awakening.","section":"Divestitures","published_at":"2026-11-10T22:55:39+00:00","modified_at":"2026-11-10T22:55:39+00:00","author":"News Desk","key_takeaways":["Bandai Namco's board passed a resolution to liquidate and dissolve Reflector Entertainment, the Montreal studio it acquired in September 2020.","Reflector Entertainment reported over CA$46 million in share capital and CA$14 million in net sales as of March 31, 2026.","Bandai Namco Europe expects a net loss of about €21 million in its Q3 2027 financial statement pending review."],"companies":[{"name":"BANDAI NAMCO Holdings","is_primary":true,"profile_url":"https://akta.pro/company-profiles/0006amq/bandai-namco-holdings","website":"https://www.bandainamco.co.jp"},{"name":"Reflector Entertainment","is_primary":false,"profile_url":"https://akta.pro/company-profiles/000ddlj/reflector-entertainment","website":"https://www.reflectorentertainment.com"}],"source":{"publisher":"Gamerant","title":"Bandai Namco Studio is Permanently Shutting Down","url":"https://gamerant.com/reflector-entertainment-shutting-down/"},"other_sources":[],"tags":["Divestitures","BANDAI NAMCO Holdings","Reflector Entertainment"],"body_markdown":"Bandai Namco Entertainment will liquidate and dissolve Reflector Entertainment, the Montreal studio behind Unknown 9: Awakening, the company confirmed. Reflector held over CA$46 million in share capital and CA$14 million in net sales as of March 31, 2026. [GameRant](https://gamerant.com/reflector-entertainment-shutting-down/) reported the decision, which Bandai Namco said was made to support long-term growth across its business portfolio.\n\n## Inside the Reflector Entertainment Liquidation\n\n[Bandai Namco](https://akta.pro/company-profiles/0006amq/bandai-namco-holdings) is a Tokyo-listed entertainment conglomerate whose four units cover toys and hobby, digital, visual and music, and amusement, with franchises including Gundam, Dragon Ball, Tekken and Elden Ring. [Reflector Entertainment](https://akta.pro/company-profiles/000ddlj/reflector-entertainment) is the Montreal developer that produced Unknown 9: Awakening, an action-adventure title released in October 2024 on Steam, PlayStation and Xbox.\n\nThe liquidation follows a resolution passed by Bandai Namco's board of directors. Bandai Namco said the decision came after weighing future business plans and how its corporate value could be enhanced over the long run, and that it would work in compliance with local laws and regulations throughout the process. Reflector said in a statement on LinkedIn that it would cease all activities effective immediately.\n\nUnknown 9: Awakening drew mixed response on Steam, with 55% positive reviews. Bandai Namco and Reflector subsequently canceled all plans to expand the title into a multimedia franchise. Reflector CEO Herve Hoerdt said at the time that some jobs would become redundant because of the game's financial failure. The Montreal developer's estimated employee count at the time of the closure announcement was between 51 and 200.\n\nBandai Namco did not offer a timetable for how long the liquidation process would take. Reflector said it would work with stakeholders and ensure its developers work through the transition, adding that between future development requirements and current conditions in the gaming industry, Bandai Namco could not justify further investment in the studio.\n\n## Bandai Namco Europe's Expected Loss\n\nAccording to akta.pro [company records](https://akta.pro/company-data), Bandai Namco Holdings reported group consolidated sales of 1兆3,482億円 (approximately $9.5 billion) for the fiscal year ending March 2026, with group consolidated operating profit of 1,895億円 (approximately $1.3 billion) and an equity ratio of 72.3% as of March 2026. The same records list Miaki Taguchi as president of the group and Satoshi Oshita as president and representative director of Bandai Namco Entertainment Inc.\n\nBandai Namco Europe, the parent of Reflector, is expected to post a net loss of approximately €21 million (3.5 billion yen) in its upcoming Q3 2027 financial statement, pending review.\n\n## Earlier Bandai Namco Studio Moves\n\nIn December 2025, Bandai Namco sold Limbic Entertainment, the German developer it had acquired in 2023, to a private investor while the studio retained all its IP, GamesIndustry.biz reported. In August 2026, Bandai Namco soft-launched the mobile game SoulTerra Odyssey in select regions including Australia, the Philippines, New Zealand and the UK, Pocket Gamer reported. That same month, Bandai Namco reported record first-quarter net sales of ¥328.4 billion ($2 billion), up 9.3% year-on-year, even as Digital segment operating profit fell 30.9%, GamesIndustry.biz reported.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}