The long list of Australian businesses to collapse in the past few months has claimed another big scalp after Majestic Cinemas entered into administration. The business announced it had gone into voluntary administration on January 31 following a turbulent period. It has been affected by the COVID-19 pandemic, cost-of-living pressures as well as natural disasters…
Majestic Cinemas has gone into voluntary administration leaving the future of several beloved Mid North Coast venues up in the air. Tonight, the CEO maintains the business isnt going anywhere- and has urged communities to support their local cinemas. Read the full article at: https://www.nbnnews.com.au/2024/02/01/majestic-cinemas-announces-voluntary-administration/
In short: Majestic Cinemas chief executive Kieran Dell says the company has faced mounting challenges from natural disasters. He says a post-COVID hangover and the writers’ strike have also hurt the business. What’s next? Mr Dell has vowed to keep an 80-year-old historic cinema in Sawtell open. A regional theatre chain has entered voluntary administration this week, blaming a slump in film…
A cinema chain with a Sunshine Coast venue has gone into voluntary administration, amid hopes that a restructure will allow it to bounce back. Majestic Cinemas has appointed administrators to continue to trade, with optimism it can regroup and move forward. The business, which has eight venues around regional Australia, issued a media release that…
The long list of Australian businesses to collapse in the past few months has claimed another big scalp after Majestic Cinemas entered into administration. The business announced it had gone into voluntary administration on January 31 following a turbulent period. It has been affected by the COVID-19 pandemic, cost-of-living pressures as well as natural disasters…
A major cinema chain in regional Australia has collapsed into voluntary administration after a horror 12 months where not even blockbuster movies Barbie and Oppenheimer could save it. Majestic Cinemas operates nine cinemas in regional NSW and Queensland. Locations include Nambour, Port Macquarie, Inverell, Nambucca, Wynnum, Kempsey, Singleton, Sawtell and Nelson Bay. The business collapsed…
Majestic Cinemas, a major regional chain with nine cinemas across Queensland and New South Wales, has entered voluntary administration. Although major blockbuster films such as Barbie and Oppenheimer reinvigorated the broader industry last year, SV Partners administrators Terry Grant van der Velde and Terrence John Rose were appointed on January 31. The independent cinema chain…
RITZ Cinemas Port Macquarie, one of ten theatre complexes affected by the voluntary administration of Majestic Cinemas. Source: Google Images Majestic Cinemas, a movie theatre business operating screens across regional New South Wales and Queensland, has collapsed into voluntary administration after a punishing 18 months for independent cinema chains. The business operates theatres in Nambour,…
The Corporate Insolvency and Governance Act 2020 (CIGA) ushered in a flexible restructuring compromise or arrangement for companies in financial difficulty (the Restructuring Plan). The legislation governing the Restructuring Plan sits alongside that for schemes of arrangement and is included in a new Part 26A to the Companies Act 2006. The Restructuring Plan does not…
Australian cinema operator Majestic Cinemas has gone into voluntary administration in an attempt to stay afloat in the post-pandemic environment. The chain has nine locations across regional New South Wales and Queensland, including the Ritz in Port Macquarie and other theatres in Nambour, Inverell, Nambucca, Rose Point, Wynnum, Kempsey, Singleton, and Nelson Bay. The business…