On 31st January 2024, the Directors of Majestic Cinemas Pty Ltd (VA Appointed) ATF Majestic Cinemas Trust (the Company) appointed Terry van der Velde and Terry Rose of SV Partners as Voluntary Administrators.
Majestic Cinemas has initiated a restructuring process by appointing Administrators, aiming to secure a promising future for the business amidst challenges. The decision follows a series of adverse events that impacted operations, including decreased box office sales, the COVID-19 pandemic, natural disasters, and the recent Hollywood strikes. These challenges necessitated the move to voluntary administration to explore restructuring opportunities for sustainable profitability and maintain operations across as many locations as possible.
The company acknowledges the critical role its cinemas play in regional communities and is dedicated to continuing to deliver exceptional entertainment and service. It appreciates the ongoing support from its loyal customers and encourages community support to navigate this period.
Majestic Cinemas has faced significant setbacks, including a substantial reduction in major movie releases due to COVID-19 and its aftermath, compounded by the Hollywood strikes. These factors, along with changing consumer preferences, cost-of-living pressures, and increased operational costs, have notably affected the cinema industry.
SV Partners is working closely with Majestic Cinemas as the business undergoes restructuring. Majestic Cinemas remains operational and committed to emerging stronger from this process. Customers can continue to support the business by visiting the cinemas, with session times and details available on the company’s website majesticcinemas.com.au. FAQ’s have also been published online.
Cinemas remain open and operating as normal and patrons are encouraged to continue to support the business as it trades through the administration process.
For further enquiries, contact SV Partners on 07 3310 2000 or email [email protected]