Giant cinema screen operator IMAX is reportedly letting go around 100 staff (some 14 per cent of its workforce) as part of a wider cost-cutting exercise.
Entertainment trade mag Variety is reporting that IMAX says it is looking to make annual cash savings of about $20 million. The redundancies, which include staffers at its China division, will cost $15 million, with $11 million occurring in its second quarter. Cost savings should start kicking in during its third quarter.
IMAX is also extending its share ‘buy back’ scheme. It had previously been looking for $200 million-worth of shares in the initial plan (which completes this month) and which saw 6.4 million shares cancelled. It is now planning another $200 million buy back.