Today news
Related News
Cinemark: 17,5K Layoffs, Pay Cuts, $42M Dividend Suspension, $20M Tax Refund Part Of COVID-19 Cash Preserve Methods
Reading now: 694
deadline.comBy Anthony D'Alessandro Editorial Director/Box Office Editor In a recent 8-K, the nation’s third largest chain Cinemark specified that their layoffs in the wake of closing theaters on March 18 due to the COVID-19 pandemic count 17,500 domestic hourly theater employees.
In addition, 50% of their Plano, TX headquarter employees were furloughed at 20% of their salary (with full benefits), with the reduction of remaining employees’ salaries at 50%.
All of this is part of the circuit’s cash-saving initiative to remain solvent. In addition to yesterday’s announcement that Cinemark is selling $250M in debt securities, the chain also announced that they are suspending a quarterly dividend which will save them another $42M quarterly.
Read more on deadline.com
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
