Cineplex Is Laying Off More Than 130 Employees
Published Jul 17, 2020Following an incredibly turbulent few months, Cineplex has announced the company is laying off more than 130 employees as it struggles with the realities of COVID-19 and a failed takeover deal.
The Canadian theatre chain announced that workers in both Canada and the U.S. would be impacted by the layoffs, which will include senior executives at the company who were set to retire, the Canadian Press reports.
Despite even more bad news, Cineplex said it remains optimistic that the company would recover in the long run. Right now, the theatre chain is in the process of reopening theatres across Canada, along with employing an array of new safety measures.
From March, Cineplex had been keeping its 165 theatres closed during the pandemic and only started to slowly reopen select locations in June.
On top of that, Cineplex is in the midst of what's turning out to be a massive legal battle. The Toronto-based company has filed a lawsuit against Cineworld for backing out of a $2.8 billion takeover deal last month. Cineplex is now seeking damages that could exceed $2.18 billion after the U.K. chain scrapped the sale, claiming that the termination of the deal is the result of "buyer's remorse."