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Technicolor India will not pay February salaries to over 2,000 employees due to financial issues at its Paris-based parent company. The closure affects staff in Mumbai and Bengaluru.
Technicolor India shuts down its operations.
Technicolor India Shut Down: Over 2,000 employees at Technicolor India will not receive their February salaries, according to Biren Ghose, MD, Asia-Pacific for Technicolor Group. The announcement follows the complete closure of the Indian arm, impacting employees in Mumbai and Bengaluru.
Unexpected Financial Troubles
Ghose explained in a town hall that Technicolor India was unexpectedly caught in the financial turmoil of its Paris-based parent company. The decision by the Paris headquarters to enter receivership or liquidation came as a surprise. Despite efforts to secure salaries, Technicolor India was informed that the global headquarters could not provide the necessary funds.
Techicolor’s Legacy
Technicolor’s Legacy and Uncertain Future Technicolor Group is renowned for its visual effects, motion graphics, and animation services across the entertainment, media, and advertising industries. The company boasts an impressive portfolio, including contributions to films like *The Lion King* and *Mufasa*, as well as popular franchises such as Harry Potter and Teenage Mutant Ninja Turtles.
Technicolor US Studios Announce Shutdown
Several US-based studios owned by Technicolor subsidiaries, including The Mill, MPC Advertising, and Mikros Animation, are closing their doors. The decision comes amidst reports of significant financial struggles impacting the company. While estimates vary, Technicolor employs between 4,500 and 6,000 people, with some reports suggesting the number could be over 10,000. This news follows Technicolor Group’s Chapter 15 bankruptcy filing in 2020 during the COVID-19 pandemic, marking another challenging chapter for the 110-year-old company.
