Rime developer Tequila Works files for insolvency
Management says it is "doing everything we can to provide support and guidance to our teams"
Tequila Works has filed for insolvency.
In a statement, newly appointed general manager Térence Mosca said he was "proud of what [the team] has accomplished together," but "prolonged market conditions" means the Madrid-based Tequila Works had no option but to file for insolvency.
Consequently, Tequila Works' founders have stood down, and Mosca has been appointed general manager.
"Since its founding in 2009, Tequila Works' game-development philosophy has always focused on 'creating things with gusto'," the statement said.
"We are doing everything we can to provide support and guidance to our teams during this difficult time."
Tequila Works was established in 2009 and developed games like Rime, and Gylt, as well as co-developing and publishing The Sexy Brutale. In 2022, it secured investment from Tencent, and though it laid off a number of staff last month, the cuts were seemingly not enough to keep the studio afloat.
Correction: The original version of this article erroneously credited Tequila Works as the developer of The Sexy Brutale, rather than co-developer and publisher. This has been amended.