Reflector Entertainment shut down by Bandai Namco
Reflector Entertainment is being shut down by Bandai Namco. Here is why the Unknown 9: Awakening studio is closing and what the 21 million euro loss means.
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Reflector Entertainment is being shut down. Bandai Namco Holdings' official notice from November 10 says its board has voted to dissolve and liquidate the studio behind Unknown 9: Awakening.
The board made the call today, November 10. The Montreal-based studio was founded in 2015. It is not the only closure this season either, after Nagoshi Studio was dissolved last week.
Why is Reflector Entertainment shutting down?
Bandai Namco says it constantly reviews its business portfolio and its in-house development setup. It looked at future business plans, the extra investment the studio would need and its chances of turning a profit. In the end, it chose to end Reflector's business, dissolve it and liquidate it.
There is no firm timeline yet. Bandai Namco says liquidation will be complete once the required steps under local law in Canada are done. No concrete date has been shared.
What we know about the studio
According to the notice, Reflector was founded on December 29, 2015. Its business is described as planning and developing entertainment content such as home console games. Herve Hoerdt leads the company, and its share capital is about 46 million Canadian dollars. The studio is wholly owned by Bandai Namco Entertainment Europe.
The Reflector Entertainment decision at a glance
- Decision date: November 10, 2026, board meeting
- Studio: Reflector Entertainment Ltd., Montreal, Canada
- Owner: 100% Bandai Namco Entertainment Europe
- Known for: Unknown 9: Awakening (2024)
- Expected loss: about 21 million euros
- Liquidation schedule: not yet decided
What happened with Unknown 9: Awakening?
Gematsu's report on the Reflector closure notes that Bandai Namco bought the studio in September 2020. Unknown 9: Awakening launched in October 2024 on PS5, Xbox Series, PS4, Xbox One and PC to mostly weak reviews. The studio was also meant to work on existing Bandai Namco properties, but Gematsu says those plans never came to anything.
What do the numbers show?
The figures in Bandai Namco's notice show how tough things were. In the fiscal year ending March 2025, which covers the game's launch, Reflector booked 47.8 million Canadian dollars in sales. It still posted an operating loss of 18.5 million Canadian dollars that year. In the year to March 2026, sales dropped to 14.7 million Canadian dollars. Its net assets have been negative for all three years shown.
One detail stands out. Despite lower sales, the studio reported a small operating profit of 2.6 million Canadian dollars in its latest year. But total assets shrank from 82.3 million to 13.5 million Canadian dollars, which points to a much smaller operation that would need fresh investment for a new project.
Bandai Namco expects an extraordinary loss of about 21 million euros, or roughly 3.5 billion yen, because of the decision. It will be booked from the third quarter of the fiscal year ending March 2027 onward. The company says the final amount and timing are still under review.
What does it mean for players?
The notice says nothing about removing Unknown 9: Awakening from stores, and the game is still listed for sale on Steam. Even so, new content looks unlikely now that its studio is closing. The move fits a wider pattern of big publishers pulling back quickly from new franchises that did not sell.
There have been several similar stories lately. id Software confirmed half its studio left, Bit Reactor laid off Star Wars Zero Company staff, and on the live-service side Ratchet & Clank: Ranger Rumble is shutting down.
Frequently asked questions
Why is Reflector Entertainment shutting down?
Bandai Namco Holdings says it weighed future business plans, the extra investment needed and the chance of profitability, then decided to end the studio's business.
What game did Reflector Entertainment make?
The Montreal studio developed Unknown 9: Awakening, an action-adventure game released in 2024 on PC and consoles.
How much will the closure cost Bandai Namco?
Bandai Namco expects an extraordinary loss of about 21 million euros (around 3.5 billion yen). The exact amount and timing are still under review.
Sources
Frequently asked questions
Questions answered in this article
- Why is Reflector Entertainment shutting down?
- What we know about the studio
- What happened with Unknown 9: Awakening?
- What do the numbers show?
- What does it mean for players?
- Why is Reflector Entertainment shutting down?
- What game did Reflector Entertainment make?
- How much will the closure cost Bandai Namco?
Sources
External links cited in this article
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