Magazine article Screen International

IMAX to Cut Roughly 14% of Global Workforce

Magazine article Screen International

IMAX to Cut Roughly 14% of Global Workforce

Article excerpt

UPDATE: Restructure will see around 100 people lose their jobs.

IMAX said on Monday approximately 100 full-time jobs including positions in China will be eliminated as part of cost-savings.

The large screen pioneer’s share price has dipped by around 30% since April and the layoffs will account for roughly 14% of IMAX’s global workforce.

The company is implementing a share-buy-back scheme enabling the repurchase of up to $200m in common shares by June 30, 2020. A previously announced $200m repurchase plan expires this month.

IMAX CEO Richard L. Gelfond anticipated the initiative will deliver $20m in annualised cost savings to free up cash flow as the company seeks to expand its theatre footprint and line up more original content and VR. …

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