Imagi Animation, Makers of 'TMNT' and 'Astro Boy,' Shuttered

The Associated Press is reporting the unfortunate news that Imagi Animation Studio has been shut down by its parent company in an attempt to remain in business.

The Hong Kong animation studio is known for animating the fourth Ninja Turtles film, TMNT, and last year's adaptation of the manga Astro Boy. Parent company Imagi International Holdings Ltd. stopped funding the studio on February 5.

Strangely, the company started out manufacturing Christmas trees before trying their hands at animation back in 2000 and had a mild success with TMNT, which was their first feature length film. Astro Boy, however, faired poorly, earning a mere $23 million worldwide. The poor performance only exacerbated the situation Imagi was in, having lost the equivalent of $93.4 million in the six months before that film's release. They also owe the equivalent of $4.6 million to the 350 employees it laid off.

Imagi maintains that it will continue to develop ideas for animated films and has plans to outsource animation to mainland China and wherever else production costs are lower.