Licensed R/C vehicle supplier Toy State shut down due to a “terrible turn of events” tied to “unforeseen financial circumstances,” CEO Simon Cheng said in a statement to customers.

Cheng, whose company had licenses for Teenage Mutant Ninja Turtles, Caterpillar, Barbie, Hot Wheels and Thomas & Friends, didn’t provide details on the circumstances surrounding the shutdown. Toy State also was the master toy licensee for Guru Studio’s Netflix series “True and the Rainbow Kingdom,” with products expected to launch this fall. The company “left no stone unturned” in seeking to remain in business, Cheng said.

“Unfortunately, changing retail and manufacturing environments have combined devastatingly, which has ultimately had a terminal effect on our business and operations,” Cheng said.

While the closing will cause “frustration and disappointment” among Toy State customers and suppliers, the company will “do everything possible within our available means to assist and answer all questions,” Cheng said.

Toy R Us, which liquidated earlier this year, was a major retailer for Toy State. Toy State, founded in 1983, had expanded in recent years, having installed a new production line in 2012 and acquired the Nikko Entertainment brand two years later. It has a U.S. office in Norwood, MA that was headed by U.S. President Andy Friess, who left the company last fall.