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Ster-Kinekor in business rescue due to ‘economic lockdown’

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'The board is of the view that the safe harbour that business rescue provides will assist the business to return to profitability, once operating restrictions have been lifted.'

Cinemas across China have been shut for six months due to the coronavirus. AFP/GREG BAKER

In a statement, business rescue practitioner of Ster-Kinekor spokesperson, Louise Brugman confirmed that the process took place with effect from Wednesday, 27 January 2021. All cinemas were required to shut down, and only permitted to reopen under strict conditions as from the end of August 2020. “These factors have meant that Ster-Kinekor has been trading at a loss, as the company continued to incur costs,” Brugman said on behalf of the company.

 

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