Trendmasters closed in 2002, and its intellectual property assets were acquired by Jakks Pacific.

These included the series Voltron: The Third Dimension, as well as films and television programs such as Nova's Ark, Battlefield Earth, Gamera, Forbidden Planet, Independence Day, Mars Attacks!, Extreme Ghostbusters, Lost in Space, Gumby, Cardcaptors, The Spooktacular New Adventures of Casper, Dexter's Laboratory, and The Powerpuff Girls.

Although the figures based on the classic Godzilla series are often attributed to Trendmasters' rise in popularity, the failure of the extravagant toy line from the 1998 film is sometimes blamed for its ultimate demise – retailers refused figures for Godzilla: The Series due to the failure of the 1998 toy line.

However, while the 1998 Godzilla line proved to be a loss for many retailers, Trendmasters profited for several years.

Trendmasters is remembered for the 1998 Godzilla film products made by the company have become some of the most purchased and expensive vintage toy items in online stores such as eBay and Amazon due to their rarity.