Bandai Namco is shutting down Reflector Entertainment, the Montreal studio behind Unknown 9: Awakening. Bandai Namco Holdings’ board passed a resolution on November 10, 2026 to dissolve and liquidate the studio, and the company expects an extraordinary loss of about €21 million (around ¥3.5 billion). There is no end date yet: liquidation finishes once Canadian legal procedures are done. Here is what was announced, what it means for Unknown 9 players and how the studio got here.
Last checked on November 10, 2026. Official The decision, the loss estimate and the studio details come from Bandai Namco Holdings’ official notice, published on November 10 in Tokyo. Gematsu, Insider Gaming and Japan’s gamebiz reported the same figures. The timeline math is ours.
What Bandai Namco announced
Official The notice says the group “continuously reviews its business portfolio and intra-Group developmental structure.” After “comprehensively considering future business plans, necessary additional investment, and the possibility of profitability and business continuation,” it decided to “discontinue Reflector’s business, dissolve and liquidate it.”
Official Bandai Namco says it will book the roughly €21 million loss in its consolidated results for the third quarter (nine months) of the fiscal year ending March 31, 2027 and after. It calls that figure an estimate and says both the amount and the timing are still under review.
Reflector Entertainment at a glance
| Detail | What the notice says | Label |
|---|---|---|
| Legal name | Reflector Entertainment Ltd. | Official |
| Location | 1100 Avenue des Canadiens de Montréal, Canada | Official |
| Representative | Herve Hoerdt, Director CEO | Official |
| Business | Planning and development of entertainment content such as home console games | Official |
| Share capital | C$46.03 million | Official |
| Founded | December 29, 2015 | Official |
| Owner | Bandai Namco Entertainment Europe S.A.S., 100% | Official |
| Acquired by Bandai Namco | September 2020 | Reported Gematsu |
Timeline: from founding to liquidation
| Date | Event | Label |
|---|---|---|
| Dec 29, 2015 | Reflector Entertainment is established in Montreal | Official |
| Sep 2020 | Bandai Namco acquires the studio | Reported |
| Oct 18, 2024 | Unknown 9: Awakening launches on PS5, Xbox Series X|S, PS4, Xbox One and PC | Reported Gematsu |
| Nov 10, 2026 | Board resolves to dissolve and liquidate Reflector | Official |
| To be decided | Liquidation completes after Canadian legal procedures | Official |
Our math Reflector existed for about 10 years and 11 months, was owned by Bandai Namco for a little over 6 years, and the closure comes 2 years and 23 days after its only game shipped.
Why it is closing: official reasons vs reports
Official Bandai Namco gives only the portfolio-review reason above. It does not mention Unknown 9’s sales or name any other project.
Reported Gematsu notes Unknown 9: Awakening received “mostly weak reviews” and that the studio’s plans to work on existing Bandai Namco properties “never materialized.” gamebiz writes that the game “did not reach the expected results.” Insider Gaming points out that Reflector’s own website still says it is working on a new, unannounced game. Unconfirmed Whether that project survives in any form is unknown; Bandai Namco has not said.
Unknown 9 was pitched as a multimedia “storyworld” spanning novels, comics and podcasts alongside the game, gamebiz notes. Online, some posts blame individual staff or consultants for the game’s reception; we have seen no evidence for those claims in the official notice or in the reporting above, so we are not repeating them.
What it means if you own Unknown 9: Awakening
- Your copy is not affected by the announcement itself. Unconfirmed The notice says nothing about delisting the game or ending support. Unknown 9 is a single-player game, so it does not rely on live servers to play.
- Future patches are unlikely. Our takeaway: with the developer being liquidated, do not expect new content or fixes.
- If you want it, keep an eye on store listings. Games from closed studios sometimes stay on sale for years and sometimes disappear. Bandai Namco is the publisher, so that decision is theirs.
Our take
This is the tidy end of a studio that only ever shipped one game. A €21 million write-down is small for a group Bandai Namco’s size, but it is a clear signal: publishers are cutting single-project studios that have no hit to build on. It fits a wider pattern this month, like Sony’s Destruction AllStars shutdown, of companies clearing out older bets before 2027.
FAQ
Is Reflector Entertainment closing?
Yes. On November 10, 2026, Bandai Namco Holdings’ board resolved to dissolve and liquidate Reflector Entertainment, its Montreal studio. The liquidation will finish once Canadian legal procedures are complete; no date has been set.
What game did Reflector Entertainment make?
Unknown 9: Awakening, released on October 18, 2024 for PS5, Xbox Series X|S, PS4, Xbox One and PC. It was the studio’s only released game.
How much will the closure cost Bandai Namco?
Bandai Namco expects an extraordinary loss of about €21 million (around ¥3.5 billion) from its fiscal third quarter onward, and says the figure may change.
Can I still play Unknown 9: Awakening?
Yes. The announcement does not mention removing the game, and it is a single-player title. New updates are unlikely now that the developer is being liquidated.
Keep reading on HUDWire
Sources
- Bandai Namco Holdings: Notice regarding dissolution and liquidation of a consolidated subsidiary (Nov 10, 2026)
- Gematsu: Bandai Namco to shut down Reflector Entertainment
- Insider Gaming: Bandai Namco announces Reflector Entertainment liquidation
- gamebiz: Bandai Namco HD to dissolve Reflector Entertainment (Japanese)