Cinemark Cuts Employee Wages Temporarily After Coronavirus Closes Theaters

variety.com:

Cinemark is temporarily reducing wages for all U.S. employees while its theaters remain closed due to the coronavirus pandemic.

With these measures, workers salaries will be cut by around 50%. All employees are working reduced hours and will still maintain full benefits.

Cinemark’s CEO Mark Zoradi and the board of directors are voluntarily forgoing their entire salaries during the closures to support the company’s cash preservation efforts, while executives at the company have chosen to take steeper pay cuts to support team members. “The dramatic global impact of the Coronavirus (COVID-19), has created a turbulent environment that is changing daily and dramatically affecting everyone,” Zoradi said in a statement. “During this time, I am