Reflector Entertainment to be liquidated as Bandai Namco shuts its Montreal studio

In a notice to investors, Bandai Namco said it would end Reflector's business after weighing its future plans, the extra money it would need and its chances of turning a profit. The studio, based at 1100 Avenue des Canadiens de Montréal, is wholly owned by Bandai Namco Entertainment Europe S.A.S. and run by chief executive Hervé Hoerdt.

The notice sets no timetable. It says the liquidation will be complete once the required steps under local law are finished, and it does not name a liquidator. Bandai Namco expects to book an extraordinary loss of roughly €21 million (about ¥3.5 billion) from the third quarter of the year ending 31 March 2027, a figure it says is still under review.

Reflector's own numbers, published in the notice, show net assets of minus C$89.5 million at 31 March 2026. In that year sales were C$14.7 million and the studio made an operating profit of C$2.6 million but a net loss of C$2.0 million. A year earlier it had sales of C$47.8 million and an operating loss of C$18.5 million.

Bandai Namco gave no headcount. Creative director Stephane Blais wrote on LinkedIn that he was heartbroken for "those 74 people", This Week in Videogames reported. The studio cut about 18% of staff in November 2024 and made more cuts in January 2025, mxdwn Games reported. The fate of an unannounced game built on a Bandai Namco franchise has not been confirmed. Neither the notice nor the reports mention notice periods or severance for staff.