Imageepoch has filed for bankruptcy

Newsbrief: After a period of declining sales over the past few years, Japanese game developer Imageepoch began bankruptcy procedures on May 7th. Imageepoch will have until June 4th to report their credit. 

After a profit-turning year in 2011, Imageepoch has seen a steady decline in sales and profit since then, going from 1.7 billion  yen profit in 2011 to just 400 million yen in 2013. Teikoku Databank reports that Imageepoch are currently in debt of approximately 1.1 billion yen that is owed to around 43 different creditors. 

Affiliate company Smile Online Games filed for bankrupcy along with Imageepoch, with their own 3 million yen debt to account for. 

Along with this news are reports that Imageepoch's CEO Ryoei Mikage has disappeared.

Sourced from Siliconera