Australian cinema operator Majestic Cinemas has gone into voluntary administration in an attempt to stay afloat in the post-pandemic environment, but its administrators are hoping the business will stay afloat.
The business appointed Terry Grant van der Velde and Terrence Rose of SV Partners as administrators on Wednesday, but CEO Kieren Dell is optimistic the chain will survive, and all cinemas remain open as usual.
“We’re feeling pretty good,” he told NBN News.
“This process of administration is about restructuring the business, making it sustainable going forward.”
The cinema industry was hit hard when people were forced to stay at home during the COVID-19 pandemic, seeing moviegoers increasingly turn to streaming platforms.
Despite the success of blockbusters like Barbie and Oppenheimer, last year proved particularly difficult as the months-long actors and writers strikes led to fewer releases, while the cost of…