110 Year Old Filmmaking Company Technicolor Shutting Down, Laying Off 217 Employees
Technicolor, the iconic 110-year-old company that transformed filmmaking, is reportedly shutting down. Known for classics like The Wizard of Oz and Singin’ in the Rain, the brand is closing operations, according to Variety and other sources, according to SFGate.
Technicolor Creative Services filed a WARN notice Monday, announcing the permanent closure of its Culver City location and the loss of 217 jobs, with broader impacts likely. Facing financial struggles and lacking new investment, the company has been in decline for some time.
A notice to employees read: “As we have communicated over the past months, Technicolor has been facing severe financial challenges. Despite exhaustive efforts—including restructuring initiatives, discussions with potential investors, and exploring acquisition opportunities—we have been unable to secure a viable path forward. Unfortunately, this leaves us with no alternative but acknowledging that the Company may be forced to foreclose.”
It continued: “In line with applicable state and federal legislation, please find attached a WARN Notice. If no viable solution is identified by the end of today, Friday, February 21, 2025, we will be required to cease our U.S. operations as early as Monday, February 24, 2025.”
The SF Gate report says that Technicolor’s decline stems from a mix of industry challenges, including the pandemic’s economic impact, the Hollywood writers’ strike, and the rise of AI in visual effects. The company’s collapse would affect thousands of jobs across California, Europe, Canada, and India.
Technicolor Group, the France-based parent company of multiple VFX and post-production firms, has entered receivership in Paris Commercial Court, according to The Verge.
Some employees voiced frustration online, with one user, “Screwed MPC,” commenting: “No pay for last few weeks work. No severance pay. The c-suite have disappeared without a trace and left middle managers to try and help and answer the questions of the 4500 laid off.”
This will likely lead to a cascade of further job cuts in the industry…
Tyler Durden Sun, 03/02/2025 – 09:55
Source: https://freedombunker.com/2025/03/02/110-year-old-filmmaking-company-technicolor-shutting-down-laying-off-217-employees/
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