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 outlined its plight.
There have been a number of circumstances that have affected our ability to trade by reducing box office sales, including COVID-19 and the resulting loss of movie production, the impact of natural disasters (including floods and fires), and the recent writer and actor strikes in Hollywood, they said.
As a result, the board of Majestic Cinemas has decided to call in voluntar…
Read the full article at: https://www.sunshinecoastnews.com.au/2024/02/02/cinemas-enter-voluntary-administration-amid-battle-to-survive/