News Bandai Visual USA to be Liquidated by September
posted on 2008-05-23 12:27 EDT
Bandai Namco Holdings has announced on Friday that it will combine its two video/audio content subsidiaries in America — Bandai Entertainment and Bandai Visual USA — on July 1 and liquidate Bandai Visual USA. The company's announcement still lists Tatsunori Konno as the head of Bandai Visual USA, even though he moved back to Japan this month. As of the end of April, there were officially only two employees of Bandai Visual USA. The liquidation of Bandai Visual USA is expect to be completed by the end of September.
Bandai Visual USA was established on January 5, 2005 with an emphasis on collectors' editions of Bandai Visual titles from Japan. It met with heavy resistance to its prices which were similar to those in Japan, but far above those in the rest of the North American anime market. It has US$4 million in capital and, as of last December 31 (the end of its last accounting period), US$2.983 million in total assets. During the accounting period that ended last December, it sold US$1.151 million worth of goods, but lost US$595,000 before taxes.
Thank you to SpaceDrake for the news tip.