The recent news about the downsizing of Bandai Entertainment is of course very sad, firstly for those who are losing their jobs and secondly for fans seeing another American anime distributor ceasing operations (or in this case, no longer releasing manga or anime on DVD/Blu-Ray).
What does it mean for K-On!? Well, according to Bandai their catalogue titles will remain in print, so the first season should remain available on DVD and Blu-Ray. But obviously, any hope of them releasing the second season or the movie is now dead.
That doesn’t necessarily have to mean the second season or the movie won’t ever be released in the US, however. As far as we, the fans, know, there’s nothing to stop another American distributor from picking them up and releasing them. Whether this will actually happen is impossible to tell at the moment. If recent rumors are true, and K-On! underperformed in the US market, it probably won’t look like a very attractive property to other anime companies.
About the only thing we know for sure right now, is that we really don’t know anything about the future of K-On! in America. But with Bandai pulling out of the home video market, things are looking kind of grim.