Dear Team
As we have communicated over the past months, the Group has been experiencing difficulties linked to a variety of factors and has not been spared from external headwinds: the difficult operational situation resulting from post-covid recovery, a costly and complex separation from the previous group followed by the writers‘ strike leading to a slowdown in customer orders causing severe cash flow pressures.
Today, the company must face reality. Due to inability to find new investors for the full Group, despite extensive efforts, Technicolor Group has filed for Court “recovery procedure” before the French Court of Justice to give a chance to enable to find solutions.
In each country, the appropriate framework for orderly protection and way forward is currently being put in place to allow, when possible, to remain in business continuity.
This decision was not taken lightly; every possible path to preserve our legacy and secure the future of our teams will be thoroughly explored to offer a chance to each of its activity to be pursued with new investors.
Technicolor is more than just a company, it is a community of talented, passionate, and creative individuals who have brought some of the most iconic visual experiences to life. The work we create together demonstrates our dedication and artistry and defines Technicolor.
As we move forward, our priority is to support you through this transition. Given the complexities of labor laws and regulations across the different countries in which we operate, this process will be conducted on a country-by-country basis, ensuring compliance with local frameworks, and providing the necessary support for each of you.
We recognize that this is an incredibly difficult moment, and we are here to support you in any way we can.
In each of your countries, you will receive a dedicated email in relation to your situation in due time.
With deepest appreciation and respect,
Caroline Parot
Source: https://www.reddit.com/r/vfx/comments/1iwmpzo/technicolor_troubles_reach_further_than_the_us/
Technicolor likely closing all US operations as of Monday 24th Feb
Dear [Name],
As we have communicated over the past months, Technicolor has been facing severe financial challenges. Despite exhaustive efforts—including restructuring initiatives, discussions with potential investors, and exploring acquisition opportunities—we have been unable to secure a viable path forward. Unfortunately, this leaves us with no alternative but to acknowledge that the Company may be forced to foreclose.
In line with applicable state and federal legislation, please find attached a WARN Notice. If no viable solution is identified by the end of today, Friday, February 21, 2025, we will be required to cease our U.S. operations as early as Monday, February 24, 2025.
If you reside in one of the following states: CA, CO, MA, UT, CT, OR, NV, please review and complete the attached direct deposit authorization form and return it to [email]@technicolor.com ASAP if you agree to receive your final paycheck through direct deposit.
We understand that this news is difficult, and we will provide further updates as soon as we have more information.
Thank you for your patience and support during this challenging time.
Source: https://www.reddit.com/r/vfx/comments/1iv7wo8/technicolor_likely_closing_all_us_operations_as/