Tequila Works, the development studio behind RiME, GYLT, Song of Nunu: A League of Legends Story and The Sexy Brutale, has announced that it has been forced to file for insolvency.
The founders of the Madrid-based studio stepped down from their positions, leading to the appointment of Térence Mosca as CEO.
According to a press release from Moscow (via GamesIndustry.biz), “prolonged market conditions” meant that the studio could no longer meet its financial obligations, leaving bankruptcy as the only option. “We are doing everything we can to provide support and guidance to our teams at this difficult time,” he continued.
As noted in Mosca’s statement, the studio was founded in 2009 with a design philosophy of “making things with gusto.” The newly appointed GM said he was “proud of what [the team] achieved together” at the time.
Tequila Works secured a major shareholder investment from Tencent in 2022, with the buyer stating that its acquisition “allows us to make Tequila Works a stronger studio.” Despite this, the developer was one of many studios subject to layoffs this year, with LinkedIn an announcement last month confirming the cancellation of the unannounced game led to the restructuring.
The studio’s latest game, Gylt, launched on the Switch eShop back in March 2024.
