Ster-Kinekor to Shut Down Cinemas and Retrench Staff, Mzansi Reacts: “It Was Only a Matter of Time
Ster-Kinekor to Shut Down Cinemas and Retrench Staff, Mzansi Reacts: “It Was Only a Matter of Time
"Ster-Kinekor, a prominent cinema chain, is reportedly facing closure due to dwindling attendance numbers. Additionally, the company has initiated plans to significantly downsize its workforce through retrenchments. The news has elicited mixed reactions from the public, with some individuals believing the closure is long overdue, while others are disappointed and upset by the development."
Ster-Kinekor is not closing down completely, but it is facing difficulties and restructuring its operations, including ¹ ² ³ ⁴:
- Laying off 236 employees, almost a third of its workforce.
- Closing up to nine of its cinemas in Gauteng, KwaZulu-Natal, and the Western Cape.
- Reviewing eight more cinemas for potential closure.
The reason for this restructuring is a decline in cinema attendance due to a challenging economic environment, prolonged and more intense load shedding, and the impact of the Hollywood strike.
Ster-Kinekor plans to retrench 236 employees and shut down as many as nine cinema complexes across South Africa, attributing the decision to a significant drop in cinema attendance. | @TVwithThinushttps://t.co/qBRHidMZOM
— News24 🇿🇦 (@News24) April 17, 2024
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