The Madrid-based studio's founding members have each stood down from their respective positions, leading to Térence Mosca being appointed general manager.
According to a statement from Mosca (via GamesIndustry.biz), "prolonged market conditions" have meant that the studio could no longer meet its financial obligations, leaving the insolvency filing as the only option. "We are doing everything we can to provide support and guidance to our teams during this difficult time", he continued.
As outlined in Mosca's statement, the studio was founded in 2009 with a design philosophy of "creating things with gusto". The newly-appointed GM said he was "proud of what [the team] has accomplished together" in that time.
Tequila Works secured a major shareholder investment from Tencent back in 2022, with the buyer stating that its takeover "allows us to make Tequila Works a stronger studio". Despite this, the developer has been one of the many studios subject to staff layoffs this year, with a LinkedIn post last month confirming the cancellation of an unannounced game had led to restructuring.
The studio's latest game, Gylt, launched on the Switch eShop back in March 2024.
We will keep you updated if we hear any more news from the studio.
[source gamesindustry.biz]
RiME And 'Song Of Nunu' Developer Tequila Works Has Filed For Insolvency
Following "prolonged market conditions"
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