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ActionAce.com was founded in Hong Kong, but it moved most of its operations to California last year. About 60 of the laid-off staff come from its US office-cum-warehouse, with the remainder from Hong Kong.
ActionAce, 10 percent owned by CyberWorks, had annual toy sales of about US$2 million, and costs of about US$300,000 a month, the newspaper said, citing Hanson Cheah, managing director of AsiaTech Ventures, a venture capital company with stake of more than 10 percent in ActionAce.
A possible buyer of ActionAce.com's assets is San Francisco-based siteYesAsia.com. YesAsia chief executive Joshua Lau admitted interest, but said that his company's purchases were dependent on pricing.
In May, media giants Viacom Inc and Walt Disney Co closed their respective toy sites, Redrocket.com and Toysmart.com, rather than provide more funding.
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