Imagi Animation Studios, the Hong Kong and LA-based production company behind Summit Entertainment’s “Astro Boy,” has closed its doors after its parent company, Imagi International Holdings, posted financial losses of $93.4m.

The studio was set up in 2000 and specialized in CG-rendered superhero tales such as “TMNT” which did well and “Astro Boy” which did not. While the straw that broke the camel’s back is not all entirely on “Astro Boy” being a complete bust, Imagi Studios was suffering from financial woes mid way through the development of the film. The failure only exacerbated Imagi’s financial woes.

According to Imagi, it’ll continue to develop movie ideas and outsource production work to mainland China and other lower-cost movie making centers. But what does this mean for some future animations that are under Imagi’s development such as “Tusker,” “Cat Tale,” and the highly anticipated “Gatchaman” movie? It all remains to be seen and is most likely definitely placed on hold.

Source: Empire