Imax to Lay Off 100 Workers Amid Restructuring
The giant-screen exhibitor is looking for around $20 million in annual cost savings by trimming around 14 percent of its global workforce, including in China.
Imax on Monday said it will lay off around 100 employees as part of its latest corporate restructuring.
The giant-screen exhibitor said it expects to cut around 14 percent of its global workforce, including positions at Imax China.
"A more streamlined cost structure will enable us to scale our business with increased efficiency and facilitate operating leverage during both strong and weak periods of box office," Imax CEO Richard Gelfond said in a statement.
"It also affords us the bandwidth to pursue important new initiatives, including original content and virtual reality," he added.
In a separate SEC filing on Monday, Imax said it expects as part of its "cost-reduction plan" to record a pre-tax restructuring and impairment charge of around $15 million, mostly in the second quarter of 2017.
In its latest bid to diversify, Imax is moving toward virtual reality, having announced a co-financing and production agreement with Warner Bros. Home Entertainment through which they will develop and release a trio of VR experiences based on Warners' Justice League, Aquaman and another title not yet revealed.
Imax and subsidiary Imax China Holding have raised their profile in China with an IPO and signing theater deals with Chinese film studios and distributor partners.