Gainax, known for 'Evangelion' anime production, goes bankrupt

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Read from Japan Times:

Gainax, known for producing the popular anime series "Neon Genesis Evangelion," said Friday that it filed for bankruptcy at Tokyo District Court on May 29.

Founded in 1984, the Tokyo-based company produced hit anime titles, including the Evangelion series by film director Hideaki Anno and "Nadia: The Secret of Blue Water."

Its business conditions began to deteriorate around 2012, due to careless management by executives, and the company lost its anime production capabilities following an exodus of its creative staff. In addition, its representative director was arrested in 2019 for alleged sexual abuse of a minor.

Gainax tried to rebuild itself with the support of Khara, which currently owns the rights to the Evangelion series and of which Anno serves as president. However, Gainax was sued over unpaid debts in May and concluded that it was difficult to continue its business.

Gainax released a statement on its website, saying that it feels very sorry for fans, while expressing its heartfelt gratitude for their support over the past 40 years.
 
It's rough. They are so well known. They put all this series under their belt. The anime business has mostly lesser paid productions and the profit is the merch. However, animation is hard. It's very strenuous to get right. 3D models can help. Filters can help. At the end of the day, you have to add so many characters and ideas together all at once it's very daunting. It appears to be a management issue though. Crazy how someone at the top can lead to problems down below.
 
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