SINGAPORE: Cathay Cineplexes’ operator is mulling several options – including winding up the cinema business – as it struggles with millions of dollars in debt.
Mm2 Asia, which owns and operates Cathay Cineplexes, said in a bourse filing on Thursday (Jul 17) that it is evaluating all available options to address its “ongoing financial challenges”.
“The group has been committed towards the continued operation of its cinema business in Singapore,” said mm2 Asia, which is listed on the Singapore Exchange (SGX).
“However, such commitment requires the support from its landlords which has not been meaningful despite the difficult operating environment for cinemas and the wider retail industry over the past years caused by, amongst other things, the COVID-19 pandemic.”
Six Cathay Cineplexes cinemas have closed in around three years, leaving four outlets still in operation.
