Key takeaways
- Bandai Namco's board resolved on November 10, 2026 to liquidate and dissolve Reflector Entertainment (Game Rant)
- Bandai Namco expects a loss of about 21 million euros (3.5 billion yen) in its fiscal Q3 results (Game Rant)
- No timetable has been set for completing the liquidation (Game Rant)
- Reflector's only release under Bandai Namco was Unknown 9: Awakening in October 2024 (Game Rant)
- Reflector said Bandai Namco could not justify further investment (Game Rant)
Bandai Namco's board decided on November 10, 2026 to liquidate and dissolve Reflector Entertainment, the Montreal studio that made Unknown 9: Awakening. The publisher expects to book a loss of about 21 million euros (3.5 billion yen) in its fiscal third quarter results.
Why is Reflector closing?
Bandai Namco said the decision reflects its future business plans and how it can raise corporate value over the long term. In its own LinkedIn statement, Reflector said the publisher could not justify more investment given the studio's future development needs and current industry conditions, and that it would cease all activities immediately. Bandai Namco gave no timetable and said liquidation will follow local legal procedures.
What is the financial impact?
| Item | Figure |
|---|---|
| Expected loss | About 21 million euros (3.5 billion yen) |
| When it is booked | Q3 of the fiscal year ending March 2027 |
| Reflector share capital (March 31, 2026) | Over CA$46 million |
| Reflector net sales (March 31, 2026) | CA$14 million |
The figures come from Bandai Namco's filing as reported by Game Rant. The loss estimate is subject to review. Bandai Namco published the decision as a PDF notice on its corporate website rather than through a game announcement.
What was Unknown 9: Awakening?
Unknown 9: Awakening was an Unreal Engine 5 action-adventure game released in October 2024 on PC, PlayStation and Xbox. Players controlled Haroona, who can enter a hidden dimension called The Fold while fighting a faction that wants to control history. It was meant to launch a wider multimedia franchise, but those plans were dropped after a lukewarm reception. Its Steam reviews sit at 55% positive.
Reflector was founded around 2016 and acquired by Bandai Namco in September 2020. Although it is based in Montreal, it sits under Bandai Namco Europe rather than a North American division. Studio CEO Hervé Hoerdt had already said that some jobs would become redundant after the game underperformed.
How many people are affected?
Bandai Namco has not confirmed a headcount. Reflector said it would work with stakeholders to help developers through the transition. The closure comes the same day mobile publisher Fortis Games confirmed it was shutting down and a day after Skydance Games confirmed layoffs.
FAQ
Why is Bandai Namco closing Reflector Entertainment?
Bandai Namco cited its future business plans and long-term corporate value. Reflector said the publisher could not justify further investment.
What game did Reflector Entertainment make?
Unknown 9: Awakening, an action-adventure game released in October 2024.
Sources
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