Cinemark has taken a series of measures to preserve its financial position amid the COVID-19 pandemic, including slashing pay, laying off hourly employees, furloughing employees and reducing spending, a filing shows.
The Plano movie chain has made the decision to lay off more than 17,500 of its hourly theater employees in the United States and furlough 50 percent of its corporate employees at 20 percent of salary with full benefits.
The company has reduced salaries of its remaining employees by 50 percent, while also pursuing similar actions in its international markets to the extent permitted by local laws.
The company has temporarily closed all of its theaters in the U.S. and Latin America, effective March 18.
