Wednesday, July 28, 2021

IMAX closing remaining VR Centres

 

In a filing late yesterday with the SEC, IMAX Corporation issued the following statement:

“In connection with the Company’s previously-announced strategic review of its virtual reality pilot initiative, the Company has decided to close its remaining VR locations and write-off certain VR content investments. Furthermore, as part of the Company’s ongoing efforts to decrease costs and increase operating leverage, the Company is reducing certain functions and realigning resources in certain areas. The Company anticipates recognizing one-time impairment charges of $6.9 million in the fourth quarter of 2018 as a result of these strategic decisions.

“In addition to the foregoing, the Company will also recognize one-time charges of $3.3 million and $4.2 million in the fourth quarter, associated with the transition of the Company’s CEO, IMAX Entertainment, and with legal fees awarded in the Company’s previously disclosed arbitration, respectively.”

More on IMAX VR from InPark Magazine:

IMAX Opens First VR Experience Centre in Los Angeles

 

 

Joe Kleimanhttp://www.themedreality.com
Raised in San Diego on theme parks, zoos, and IMAX films, Joe Kleiman would expand his childhood loves into two decades as a projectionist and theater director within the giant screen industry. In addition to his work in commercial and museum operations, Joe has volunteered his time to animal husbandry at leading facilities in California and Texas and has played a leading management role for a number of performing arts companies. Joe has been News Editor and contributing author to InPark Magazine since 2011. HIs writing has also appeared in Sound & Communications, LF Examiner, Jim Hill Media, and MiceChat. His blog, ThemedReality.com takes an unconventional look at the attractions industry. Follow on twitter @themedreality Joe lives in Sacramento, California with his fiancé, two dogs, and a ghost.

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