You realize that IHOP pays them to use their characters, right?
They have other studios overseas. They opened up a Chinese facility just before the production of Kung Fu Panda 3. They still have an Indian one and I beleive a Canadian one as well. It's just the US one they're closing because overseas crap is always cheaper. I think they were planning for a cheaper route and closing the US studio anyway but were waiting for an excuse. Those last few movies that did so so (but still made back budget and change) were rope for blame.
Anyway, notice how they randomly pulled completed film B.O.O. off the schedule. They're really freaking overreacting, yet moved KFP3 to January, which is only good for lower than low budget "get the kids out of the house" crap like Gnomeo and Juliet and The Nut Job (but of course, not Strange Magic). Still fail to see why it doesn't get a March release, as it worked well for The Croods and Home.