Ster-Kinekor no longer closing its doors (kind of)

Struggling cinema group Ster-Kinekor says it will no longer be closing nine cinemas, only two.

In April, the group previously anticipated shutting down nine cinemas and retrenching 236 workers, 32% of its workforce, due to financial constraints.

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But after following its restructuring process, less than 60 jobs were cut primarily at its head office, CEO Mark Sardi confirmed to Business Day.

The softer blow was due to successful talks with landlords and distributors as well as some cost-cutting measure that were implemented.

Just two out of the nine cinemas on the chopping block were also closed. 

“Of our 46 sites, 14 have performed as well or even better than the previous 12 months with all the noise. It’s the 32 [in the] middle that have battled,” Sardi said. 

He adds that the company is expanding into new products and services and markets to ensure sustainable income. 

“We know that our fortunes are going to be restored. The content will come back. This is a resilient industry. We just have to think slightly differently.”