Zero Hedge-
Technicolor, the iconic 110-year-old company that transformed filmmaking, is reportedly shutting down. Known for classics like The Wizard of Oz and Singin’ in the Rain, the brand is closing operations, according to Variety and other sources, according to SFGate.
Technicolor Creative Services filed a WARN notice Monday, announcing the permanent closure of its Culver City location and the loss of 217 jobs, with broader impacts likely. Facing financial struggles and lacking new investment, the company has been in decline for some time.
A notice to employees read: “As we have communicated over the past months, Technicolor has been facing severe financial challenges. Despite exhaustive efforts—including restructuring initiatives, discussions with potential investors, and exploring acquisition opportunities—we have been unable to secure a viable path forward. Unfortunately, this leaves us with no alternative but acknowledging that the Company may be forced to foreclose.” more here
Too bad such an iconic company wasn’t able to capitalize on its institutional expertise in a way to compete successfully in the digital graphic revolution.
They need a USAID grant pronto
Everything Disney touches turns to shit.
“Look what you’ve done! I’m melting, melting!”
“Ohhhhh, what a world, what a world”….
“How could you destroy my beautiful wickedness”.
But it’s an “iconic” company. Iconic organizations are not supposed to die because, after all, they’re Iconic. Hollywood is (me crying) losing another beloved icon. This is like losing icon Barbra Streisand and icon Mark Hamill. It’s like if The View, the super beloved icon, getting cancelled. I’m in a state of shock and awe.
Technicolor has not done Technicolor for years. The last “Technicolor” film I think was in Italy about 40 years ago. Since then they have just been a photo lab.
I’m having a really bad day. This news about Technicolor has really decimated me.
One tenth of me is dead.
I’m also devastated.
^^^^
Ten percents a big number really. I’m a little worried about you. Hell I thought they went bust ions ago. In fact I’m slightly impressed they’re still around. Maybe they’re a museum.
It’s a buggy whip business in the era of automobiles.
Get Fran Drescher on the phone, she can call a strike and fix everything
@BAD Brad
Ma balls are going strong. The Museum of Big Things will get these monsters, pickled in a big jar after I have no more need of them.