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Ster-Kinekor to retrench more than 200 employees

18 Apr 2024

Just two years after exiting business rescue, Ster-Kinekor plans to lay off 236 employees, approximately 32% of its workforce, and shut down up to nine cinemas in Gauteng, KwaZulu-Natal, and the Western Cape.

Source: www.unsplash.com

This comes after challenges such as a tough economic climate, load-shedding, financial constraints, and delays in movie releases due to Hollywood strikes which led to decreased cinema attendance and revenue.

The nine cinema locations earmarked for closure:

Bayside (WC)
Boardwalk (KZN)
Mimosa (KZN)
Shelly Beach (KZN)
Cedar Square (GP)
Maponya (GP)
Matlosana (GP)
Southgate (GP)
Sterland (GP)

This news comes during a climate where streaming services such as Netflix, Disney and Amazon Prime have become more popular for blockbusters, ultimately affecting cinema numbers.