It's a company that has long been in trouble, having not released anything in at least the last year, and prior to that its only money-maker was yaoi-- until BL licensor Libre, who had taken over after Japan's primary BL publisher Biblos went under, declared nearly all of CPM's yaoi licenses invalid because they hadn't been renegotiated.
I've watched the increasing disappearance of CPM with sadness for a long time, particularly because probably half of the people I know in the anime industry owe their start to or have otherwise worked for Central Park Media at one point or another, and the company was really one of the earliest pioneers of anime in North America.
CPM has filed for bankruptcy under Chapter 7, which means that the company will be completely liquidated, rather than Chapters 11 or 13, which allows the company to restructure and continue trying to operate.
So it is with great sadness that I bid farewell to Central Park Media. I hope you'll join me in remembering the good times (oh, La Blue Girl!) and setting aside the not-so-good times. Those of ye who have shared of CPM's bounty, please offer an anecdote (perhaps a favorite title?).