Imax Furloughs 150 Employees Amid Drought of Big Studio Movies
With major Hollywood blockbusters continuing to postpone their release due to the COVID-19 pandemic, Imax will furlough 150 employees starting on October 26. Most of the furloughs will be in the company’s offices in the U.S. and Canada, with some additional furloughs affecting European offices. The furloughs will start October 26 and last at least two months. Imax said in a statement that the furloughs will “will enable the company to temporarily retrench, conserve resources and adjust its operations to reflect the lack of Hollywood releases in 2020, and the resulting closures of exhibitors in key markets.” Also Read: 'Mank' Trailer: David Fincher Explores the Dark Side of Hollywood's Golden Age (Video) Notably, the furloughs will not affect the company’s offices in China and Japan, where theaters have reopened and the box office has significantly recovered. In China, Imax has seen strong numbers over the past two months as successful containment of COVID-19 has led the government to increase the maximum allowed capacity in movie theaters to 75%. This past weekend, the start of China’s National Holiday, Imax reported $13 million in total grosses, up 25% from last year. But as with the rest of the global box office, Hollywood...
Read original story Imax Furloughs 150 Employees Amid Drought of Big Studio Movies At TheWrap
