It was announced on August 4 that Common Sense, the official company name of studio Arms, has declared bankruptcy. The report was made through Tokyo Shoko Research, a credit research company.
Arms originally worked on adult themed anime (hentai), but they stopped making it as their TV productions gained popularity. Their first television anime was Mezzo DSA in 2004.
The studio was first started in 1996 and has created series such as Elfen Lied, Himawari!, Ikki Tousen, Hyakka Ryoran: Samurai Bride, Queen’s Blade, Brynhildr in the Darkness, Aesthetica of a Rogue Hero, MAOYU, and Valkyrie Drive: Mermaid, among others.
Source: Tokyo Shoko Research