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BusinessLive reports that struggling cinema group Ster-Kinekor has emerged from restructuring with fewer job cuts than expected and is preparing to diversify its offerings to draw audiences.
According to CEO Mark Sardi, SA’s largest movie exhibitor averted retrenching 226 staff and shutting nine cinemas as part of its overhaul. Instead, fewer than 60 jobs were cut, mainly at the head office, and only two cinemas were closed. Sardi said this was thanks to successful talks with landlords and distributors about running alternative, complementary operations at the identified underperforming sites. Cost-cutting measures had also aided efforts. The company was placed under business rescue after lockdown restrictions forced cinemas to remain closed in the early part of the pandemic in 2020. It emerged from the rescue process upbeat about a rapid recovery. However, in February, management notified all staff of its intention to restructure under section 189 of the Labour Relations Act and to begin the consultation process. A quarter of its staff and as many as nine cinemas in Gauteng, KwaZulu-Natal and the Western Cape were reportedly on the chopping block at that time. With the restructuring and subsequent retrenchments now completed, Sardi said the company’s expansion into new products, services and markets would ensure sustainable income.
- Read the full original of the report in the above regard by Michelle Gumede at BusinessLive
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