Technicolor Group, the prominent French VFX company known for its work in Hollywood, is reportedly facing collapse amid severe cash flow issues tied to COVID-19 and the recent writers strike. CEO Caroline Parot announced that the company has started winding down operations and petitioned for receivership. This decision threatens thousands of jobs across its international operations and follows WARN notices being sent to U.S. employees regarding potential layoffs. As it navigates this difficult period, the company is exploring options for new investments to preserve its legacy.
Technicolor Group is on the verge of collapse, amidst severe cash flow pressures exacerbated by the pandemic and the 2023 writers strike.
CEO Caroline Parot indicated that the company is initiating receivership proceedings while striving to explore every option for preserving its legacy.
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