Technicolor Will Shut Down Without New Investors

A VFX pillar for multiple decades, the Technicolor Group has been operating since 1915. Now, it looks like that may end.

Technicolor is in danger of closing its doors. The company had been seeking investors, but without any stepping forward, it's preparing the next steps.

As reported by Variety, if the company totally shut down, it would affect thousands of people across a few different countries, including the U.S., UK, Canada, and India.

Technicolor also operates numerous VFX studios like MPC, Mikros Animation, The Mill, and Technicolor Games.

They're actively still working on movies like Mission: Impossible - The Final Reckoning and Lilo & Stitch.

Behind the scenes, it seems like they're still scrambling to find the money to stay open. There's no word on how far along those projects are and if this shakeup could affect them at all.

Technicolor Group CEO Caroline Parot sent a memo to all employees Monday that read:

Dear Team,
As we have communicated over the past months, the Group has been experiencing difficulties linked to a variety of factors and has not been spared from external headwinds: the difficult operational situation resulting from post-covid recovery, a costly and complex separation from the previous group followed by the writers’ strike leading to a slowdown in customer orders causing severe cash flow pressures.
Today, the company must face reality. Due to inability to find new investors for the full Group, despite extensive efforts, Technicolor Group has filed for Court “recovery procedure” before the French Court of Justice to give a chance to enable to find solutions.
In each country, the appropriate framework for orderly protection and way forward is currently being put in place to allow, when possible, to remain in business continuity.
This decision was not taken lightly; every possible path to preserve our legacy and secure the future of our teams will be thoroughly explored to offer a chance to each of its activity to be pursued with new investors.
Technicolor is more than just a company, it is a community of talented, passionate, and creative individuals who have brought some of the most iconic visual experiences to life. The work we create together demonstrates our dedication and artistry and defines Technicolor.
As we move forward, our priority is to support you through this transition. Given the complexities of labor laws and regulations across the different countries in which we operate, this process will be conducted on a country-by-country basis, ensuring compliance with local frameworks, and providing the necessary support for each of you.
We recognize that this is an incredibly difficult moment, and we are here to support you in any way we can. In each of your countries, you will receive a dedicated email in relation to your situation in due time.

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