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Mired in millions of dollars in debt, Cathay Cineplexes' parent company mm2 Asia said on Thursday (July 17) that it is considering closing its cinema business.CNA reported that winding up one of Singapore's oldest cinema's chains is one of the options mm2 AsiMm2 Asia considering closing Cathay Cineplexes amid millions of dollars in debt
Mired in millions of dollars in debt, Cathay Cineplexes' parent company mm2 Asia said on Thursday (July 17) that it is considering closing its cinema business.CNA reported that winding up one of Singapore's oldest cinema's chains is one of the options mm2 Asia is evaluating to address its «ongoing financial challenges».It has been operating since 1939, and was originally known as Cathay Cinema.«The group has been committed towards the continued operation of its cinema business in Singapore,» said the Singapore Exchange-listed company.«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 the last three years, with the remaining four in operation at Causeway Point, Century Square, Downtown East and 321 Clementi.Mm2 Asia owes $3.3 million to the the landlords of its Century Square and Causeway Point cinemas. Read more
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