Bandai Namco Holdings approved the dissolution of Reflector Entertainment on November 10, 2026, according to reports published that day. Those reports described the liquidation as subject to Canadian legal procedures.
The dissolution approval marked a step in a legal process, not its completion.
The business considerations behind the decision
Eurogamer.es reported that the stated rationale included a review of Bandai Namco’s business portfolio and internal structure, future plans, additional financing needs, and the possibility of reaching profitability.
Reflector’s restructuring before the decision
Bandai Namco acquired Reflector Entertainment in September 2020. The studio released Unknown 9: Awakening in 2024. 3DJuegos reported that Reflector reduced its workforce by 18% that year. TodoJuegos later reported further cuts and the cancellation of another project in January 2025. Those events place the dissolution decision after a period of restructuring, without establishing that any one of them caused it.
Eurogamer.es and TodoJuegos reported an expected extraordinary loss of about €21 million associated with the dissolution. TodoJuegos said the estimate could change.
