Bandai Namco Holdings Inc. announced a decision to dissolve and liquidate its consolidated subsidiary, Reflector Entertainment Ltd. The decision was adopted at a meeting of the Board of Directors on 10 November 2026.
The Montreal, Canada-based studio is the developer of Unknown 9: Awakening, an action-adventure game published by Bandai Namco Entertainment.
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Reasons for the shutdown and the liquidation schedule
The company said the group continuously reviews its business portfolio and intra-group development structure for medium- and long-term growth and to enhance corporate value. After comprehensively considering future business plans, the additional investment required, and the possibility of profitability and business continuation, the company decided to discontinue Reflector’s business, then dissolve and liquidate it.
Alongside the announcement of Reflector’s dissolution, the financial highlights for the second quarter of the fiscal year ending 31 March 2027 also mentioned the decision. The company wrote that, after arranging its title lineup and reviewing the development structure needed for a portfolio it considers optimal, the Canadian development studio’s business would not be continued.
Liquidation is expected to be complete once the procedures required under local law have been finished. However, a concrete schedule has not been set. The company said it will proceed with those procedures, and that liquidation will be complete only after they are finished.
The studio’s shares are wholly owned by Bandai Namco Entertainment Europe S.A.S., a consolidated subsidiary of Holdings. The studio was established on 29 December 2015, with share capital of 46,030 thousand Canadian dollars, and is led by Director CEO Herve Hoerdt.
On 18 September 2020, Holdings announced that, based on a Board of Directors resolution dated 16 September 2020, Bandai Namco Entertainment Europe S.A.S. had entered into an agreement to acquire 100% of the studio’s shares, with the studio planned to become a subsidiary on 31 December 2020.
Expected financial impact
In regard to losses associated with this decision, the company expects to post an extraordinary loss of approximately 21 million euros (approximately 3.5 billion yen) on its consolidated financial statements for the third quarter of the fiscal year ending 31 March 2027 and thereafter.
The figure is described as an estimate based on information available at the time of the announcement. The exact amount and the timing of its posting are still under review, and both may change depending on the dissolution and liquidation procedures as well as tax and accounting treatment.
About Unknown 9: Awakening
Unknown 9: Awakening is the Montreal studio’s first action-adventure game. It was released worldwide on 18 October 2024 for PlayStation 5, PlayStation 4, Xbox Series X|S, Xbox One, and PC via Steam.
Players control Haroona, a Quaestor born with the ability to enter the Fold, a mysterious dimension that overlaps with our world. In her quest for powerful hidden knowledge, she learns to master her unique connection with the Fold, allowing her to channel that power into our world.
The game was developed by Reflector Entertainment and published by Bandai Namco Entertainment. Haroona is performed and voiced by Anya Chalotra.
Further official information about the game is available on the official Unknown 9: Awakening website.
Reception of Unknown 9: Awakening
At Steam, user reviews for Unknown 9: Awakening have a Mixed rating: 55% of 284 reviews are positive, according to the store page as of 11 November 2026. On Metacritic, the game’s Metascore is 59 out of 100 (Mixed or Average) based on 45 critic reviews, while the user score is 2 out of 10 (Generally Unfavorable) based on 300 ratings.
OpenCritic records a Top Critic Average of 62 based on 77 reviews, with 16% of critics recommending the game, and a Weak rating.
Cinematic Launch Trailer
