The Technicolor group began closing its operations in multiple markets and countries after failing to find new investors to provide infusions of funds.
The iconic Paris-based visual effects, motion graphics and animation giants run brands such as The Mill, Moving Picture Company (MPC) and Mikros Animation. PinocchioThe Harry Potter Films, 2024 Mufasa: The Lion KingTo Emilia Perez, who was nominated for an Oscar. Become independent Note.
In a letter sent to UK employees on Sunday, the giant global group said it was “experienced difficulties” due to the post-Covid recovery, costly and complex separation from previous groups.
“Despite large efforts, we're writing more in a note to our staff as we can't find new investors for the full group,” said Caroline Parat, CEO of Technicolor Group. [Paris-headquartered] The Technicolor Group is now able to apply to the French court of justice for a court “recovery procedure” to find a solution. ”
Parrott's memo states, “An appropriate framework for orderly protection and future methods is now being implemented to ensure business continuity can be maintained.”
Variety Report Technicolor is already beginning to shrink its operations in the US.
On Friday, it began warning customers and employees, sending US employees warning notifications as required by law to large companies anticipating closures and mass layoffs.
It is still unclear how many people will be affected and how they will be affected, but in offices in the US, UK, India, South Korea and Canada, Technicolor Group employs more than 10,000 people worldwide.
Like Disney, it's equally unknown what will happen under progress snow white and Lilo and stitchingand Paramount Mission Impossible – Final calculation Under MPC, and Paramount and Nickelodeon's Teenage Mutant Ninja Turtle 2 Under the micros Become independent Report a note.
