Drop Anime Studio LogoLet us have a moment to remember another fallen ally in the anime world.

Earlier today, it was announced that Nerima-based studio drop will initiate bankruptcy proceedings. According to a report from Tokyo Shoko Research, the organization filed for bankruptcy on August 24, and was granted final approval on October 26.

An investigation into the company’s debts is currently underway.

drop first opened its doors in August 2004, with 10 million yen ($88,677.84 USD) in startup capital. The organization specialized in the creation of visual works, with a particular focus on animation. The studio worked on promotional videos for musicians like GLAY and Perfume, and managed to earn 220 million yen ($1,950,695.29 USD) in sales in 2009.

Through their history, drop contributed to more than one hundred anime titles on various levels of production, and served as the main studio for Glamorous Heroes, Uchurei, Lights of the Clione, and Zoids Wild.

Over the years, though, sales failed to reach expectations, as personnel expenses continued to add to the studio’s mounting debts. This led drop to officially cease all operations in August.

Sources: Yaraon!, Tokyo Shoko Research