Otaku everywhere hold their collective breath with news from Studio Ghibli.

The legendary studio recently announced that it is considering its options for the future. In an interview with general manager Toshio Suzuki, the studio will in fact not be shutting down, but rather, as the translation puts it, “spring cleaning”.

However, with the retirement of iconic animator and director, Hayao Miyazaki, the quality of subsequent films from the studio he founded is in question. Fans worry the studio will lose its direction without his guidance.

Regardless of quality, movies by Studio Ghibli have been declining in box office revenue with each release over the last decade.

With the costs of animated films growing each passing year, Studio Ghibli has been working to consolidate its resources. New talent is being provided tools and materials to accommodate modern animating and film making.

With their latest film, “When Marnie Was There”, the studio will take an indeterminate amount of time to decide its future.

If the studio in fact closes its doors, Ghibli will remain in name if only to manage trademarks and copyright material. This scenario, however, is deemed unlikely, according to manager Suzuki.

What’s your favorite Studio Ghibli film? Do you hope the studio will stay afloat? Let us know in the comments below.