Studio closures, layoffs... The descent into hell of French Technicolor, the king of Hollywood special effects
STORY - The Paris-based group has been placed in receivership in France and in bankruptcy proceedings in the United Kingdom. It could announce the end of its activities in the United States any day now.
"Technicolor? It's a file that has been dragging on for ten years, a series of restructurings, each one more botched than the last," says, with a sigh, a connoisseur of corporate turnarounds. Long integrated within the Thomson conglomerate, the Technicolor Creative Studios (TCS) group , specializing in special effects and animation, has accumulated difficulties in recent years. But this time, the parent company of the MPC, The Mill, Mikros and Technicolor Games studios seems to have exhausted its last cartridges.
The group's various geographical branches, which have a total workforce of between 5,000 and 6,000 employees, are on the verge of bankruptcy. On Monday, its French companies were placed in receivership by the Paris Commercial Court. According to our information, they employ around 400 people. On the same day, Technicolor Creative Studios UK Limited was placed under protection by two receivers. In theory...
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