Anime production studio Group TAC (Night on the Galactic Railroad, Touch, Miami Guns) filed for bankruptcy on August 31. The company claimed about 650 million yen ($7.7 million USD) in debt as of the end of its August 2009 fiscal year. The studio presently has 9 employees and 10 million yen ($120,000 USD) in capital.
The studio was founded in March 1968. At the peak of its success, the studio earned 1.53 billion yen ($18.2 million USD) during the fiscal year ending in August 2007. However, only two years later and following the death of its founder and CEO in July 2009, the studio brought in only 596 million yen ($7.07 million USD).
The studio most recently animated last year’s Buddha Saitan: The Rebirth of Buddha anime feature film.
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