Job cuts, closing cinemas... Ster-Kinekor brings down the curtain

Anele and The Club (947) catch up on the latest economic and business news with Zinathi Gquma. 

Listen to the discussion below.

Trouble is brewing at Ster-Kinekor Cinemas. 

Two years after it exited business rescue, the company plans to lay off 236 employees (a third of its workforce) and close down nine cinemas.   

The company blames a challenging economic environment, load-shedding, and the impact of the Hollywood Strikes. 

The growth of streaming services is also not helping. 

“We’ve got consumers whose wallets are already stretched. We really don’t have enough money to spend on some areas of entertainment, like going to the movies.” 

- Zinathi Gquma, Money Minute 

“If going to the movies costs at least R400, you’re obviously going to choose to watch Netflix, Prime Video or Disney+ instead.”

- Zinathi Gquma, Money Minute 

Scroll up to the audio player to listen to the interview.