More bad news for beleaguered movie theatre chain Cineplex Inc.
The company says it is laying off more than 130 workers as it grapples with the COVID-19 pandemic and a takeover deal that has collapsed. The Toronto-based movie theatre chain says workers in Canada and the U.S. are impacted by the cuts, which includes senior executives.
Cineplex says it is confident that its business will recover from the COVID-19 closures of movie theatres, but, in the medium-term, it will focus on a smaller number of projects and priorities. The company is in the process of reopening many of its theatres that closed as the pandemic began to spread and is implementing distanced seating, reservations, and additional cleanings.
Cineplex is also suing U.K.-based Cineworld Group PLC, which was due to purchase Cineplex for $2.8 billion but canceled the deal because of alleged breaches of contract. Cineplex has denied the claims and says Cineworld is backing away from the deal because of the impact of the COVID-19 pandemic on both companies business.
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