Spiders, the French studio behind GreedFall, Steelrising, and The Technomancer, is set to close after parent company Nacon failed to find a buyer for the developer, Origami.ng reports.
The Paris-based studio has been under judicial reorganization since late March, alongside other Nacon subsidiaries Kylotonn, Cyanide, and Nacon Tech. Nacon had been trying to sell Spiders as part of its wider restructuring, but the process did not produce a buyer before the deadline. The studio is now expected to enter liquidation, bringing an end to one of France’s better-known developers.
The studio was founded in 2008 and produced games like Of Orcs and Men, Bound by Flame, The Technomancer, and several Sherlock Holmes projects. After the success of Greedfall, the studio was purchased by Nacon in 2019. With Nacon, Spiders has released Steelrising and GreedFall: The Dying World, and was reportedly working on a new project when the news of insolvency hit the publisher.
The closure follows months of financial trouble across Nacon and its parent group. Nacon filed for insolvency on Feb. 25 and requested judicial reorganization before the Lille Métropole Commercial Court. The company said its available assets did not allow it to meet its due liabilities, and the procedure was meant to freeze existing liabilities while it tried to restructure its debt and continue operations.
The problems soon spread to several studios under Nacon. On March 23, Nacon said Spiders, Kylotonn, Cyanide, and Nacon Tech had also filed for insolvency and requested judicial reorganization. French game workers’ union STJV said the hearings for the four companies took place on March 30, and all four were placed under judicial reorganization with the same administrators as Nacon.
According to Nacon, the biggest issue was that Bigben Interactive, its majority shareholder, was not able to repay the loans it had taken.
Nacon is also far from finished with its restructuring, and unfortunately, if things stay as they are, Kylotonn, Cyanide, and Nacon Tech could also face closure. It’s unknown whether Nacon intends to hold onto Spiders’ game IPs or if they will be sold.
