TOKYO — Japanese film and DVD distributor Epcott filed for bankruptcy in Tokyo District Court on Monday.
Outstanding debt was $16.7 million, according to the filing.
Founded in 1985, the company began distributing Korean dramas on DVD in Japan in 2004, riding the ‘Korean Wave’ boom. Since 2012, however, acquisition costs have reportedly risen, while the market for Korean dramas and films has been hit by worsening political relations between Japan and Korea.
Epcott fell into the red in 2013 and never recovered. The same year, its venture into game production also failed to pan out.
Film distribution arm, Alcine Terran is still operating and will release Frederic Tcheng’s fashion docu “Dior and I” with Open Sesame on March 14 and the Han Dong-wook romantic drama “Man In Love” on April 4.
Among other small-to-mid-level Japanese distributors going bust in recent years are Prenom-H, Movie-Eye, Tornado, Wise Policy, Cine Qua Non and, in November of last year, France Eigasha