The Walt Disney Company says it is closing its ImageMovers studio run by U.S. director Robert Zemeckis as a result of economic conditions.

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Disney Studios President Alan Bergman applauded Zemeckis for his work at the ImageMovers Digital studio in Marin County, Calif., but said the studio should be closed by January 2011, The Hollywood Reporter said Friday.

"Bob and the entire IMD team successfully built a state-of-the-art studio and produced an amazing film, 'A Christmas Carol,' at a time when the dynamics of the industry are rapidly changing," Bergman offered in a statement. "But, given today's economic realities, we need to find alternative ways to bring creative content to audiences, and IMD no longer fits into our business model."

Operations at the ImageMovers Digital studio will begin closing once production is completed on the film "Mars Needs Moms" is completed, Disney said.

The Hollywood Reporter said Disney also expressed interest in working with Zemeckis, as well as his fellow IMD leaders Jack Rapke and Steve Starkey, on a remake of the film "Yellow Submarine."