Independent cinema chain Majestic Cinemas, which operates nine sites across northern NSW and south-east Queensland, has entered voluntary administration, citing reduced box office due to the impact of COVID-19 and the US strikes on production and release schedules, as well as rising costs and natural disasters, including floods and fires, in the region.
The cinemas remain open to the public and trading. Administrators will deal with creditors and look at ways to restructure the business so that it can trade profitably into the future at as many of the current sites as possible.
In a statement, the board said they believed this the best course of action, with the hope a restructure will place the business to succeed in a changed industry …
Read the full article at: https://if.com.au/majestic-cinemas-to-enter-voluntary-administration/