Movie Animation Park Studios (MAPS) – the RM520m (US$126.4m, €114.2m, £96.7m) theme park in Ipoh, Perak, Malaysia – has closed its doors after less than three years of operation due to crippling financial problems.

Opened on 26 June 2017, the park halted operations, with the park facing a number of issues stemming from money struggles.

A closure notice was issued to the park by Ernst & Young, which offers transaction advisory services including financial restructuring. According to the notice, the park would be closed with immediate effect from 28 January "until further notice". It also added that "any inconvenience caused by the closure of MAPS is regretted.

In October last year, MAPS defaulted on a RM25.7m (US$6.3m, €5.6m, £4.8m) loan from Affin Hwang Investment Bank, with a further RM240.7m (US$58.5m, €52.9m, £44.8m) still owed.

The park went into receivership in December last year, with Affin Investment appointing Ernst & Young the receiver and manager of the park.

The park has also struggled with licensing issues, with Dreamworks discontinuing a licensing agreement with the operator for attractions that never opened, while IMPS, licensor of The Smurfs terminated an agreement last year after failure from MAPS to pay a fee of more than RM1m (US$250,000, €220,000, £186,000) for owed rights.

"We already know that MAPS is one of the must-visit places here, but since the closure of the theme park, it will definitely bring impact to us," said Perak's State Tourism, Arts and Culture Committee chair, Tan Kar Hing.

"We will try to build a new attraction around Ipoh or out of the city in order to cover the closure of MAPS."