Cinemark Lays Off 17,500 Workers, Furloughs 50% of Corporate Staff

The cinema chain recently announced a planned $250 million debt issue

Cinemark Holdings has laid off more than 17,500 hourly employees and furloughed 50% of its corporate employees at 20% of their salary, the theater chain revealed in a new filing with the Securities and Exchange Commission.

The movie theater chain has been grossly impacted by the continued novel coronavirus pandemic, forced to shut theater operations across the country. The company’s CEO, Mark Zoradi, whose pay rose to $6.3 million in 2019, is currently going without a salary as the company’s revenues have ceased.

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Trey Williams

Film Reporter covering the biz • • Twitter: @trey3williams