Imagi Animation Studio Closes Los Angeles Office
posted on by Egan Loo
Imagi International Holdings Limited, the Hong Kong-based parent company of the IMAGI animation studio, has announced that it withdrew "funding support from its United States subsidiaries in order to safeguard working capital" on Monday. As part of its ongoing restructuring, it has laid off 30 staffers and closed its United States office in Los Angeles. However, it is retaining "a small number of key staff" as consultants and subcontracting some of the office's previous work. IMAGI has been in discussions with potential investors to continue its business operations.
IMAGI laid off approximately 100 — most of whom were animators — out of its 450 employees in December. IMAGI produced the 2007 computer-animated film adaptation of the Teenage Mutant Ninja Turtles comic book franchise and the 2009 computer-animated film adaptation of Osamu Tezuka's Astro Boy manga. IMAGI announced that it is working on a planned film adaptation of Tatsunoko Production's Gatchaman anime series. According to its December 17 interim results report, the Gatchaman project will be "delivered in 100% Stereoscopic 3D."