Bandai Namco is moving to dissolve and liquidate Reflector Entertainment, the Montreal-based developer behind Unknown 9: Awakening. The decision will bring an end to the studio’s time as a Bandai Namco subsidiary, more than six years after its acquisition, following a series of layoffs and changes to its development plans.
In November 10 disclosure, Bandai Namco Holdings confirmed that its board had resolved to discontinue Reflector’s business and begin the dissolution and liquidation process. The company cited its review of future business plans, required additional investment, and the prospects for profitability and continued operations. The liquidation will proceed under applicable local laws, but no completion date has been established. Bandai Namco expects the decision to result in an extraordinary loss of approximately €21 million in its consolidated financial results for the third quarter of the fiscal year ending March 31, 2027, and thereafter. The figure is an estimate, and the company cautioned that the final amount and timing remain under review and may change depending on the liquidation process and related accounting and tax treatment.
Bandai Namco acquired Reflector in 2020 as part of broader effort to expand its development capabilities outside Japan and strengthen its portfolio of games for Western audiences. Reflector’s original ambitions extended beyond games: its Unknown 9 intellectual property was envisioned as a transmedia universe spanning novels, comics, podcasts, and other formats. That strategy centered on Unknown 9: Awakening, released in October 2024 for consoles and PC. The action-adventure game received a generally unfavorable critical reception and did not meet the company’s expectations. Reflector’s CEO, Hervé Hoerdt, acknowledged in January 2025 that the game’s performance had fallen short despite substantial investment and development adjustments.
The studio had already reduced its workforce by approximately 18% in November 2024. Further layoffs followed in January 2025, when Reflector ended development on a separate project that was still in the conceptualization stage. Hoerdt said that, where possible, remaining employees would be assigned to a different project based on an existing Bandai Namco intellectual property. Reflector’s website continues to advertise new game based on a popular Bandai Namco property, but neither the game’s identity nor its future following the closure announcement has been confirmed. It remains unclear whether another team within Bandai Namco will take over the project.
Reflector’s closure marks the end of an ambitious attempt to build a new transmedia franchise under Bandai Namco’s international development strategy. With liquidation now underway, the future of the studio’s remaining work—and the unannounced project it had been developing—remains uncertain.