Last Updated:
Technicolor India closed, affecting over 2000 employees in Mumbai and Bengaluru. Financial issues at the Paris-based Technicolor Group led to the closure. February salaries won’t be paid.
Technicolor India Closes Operations as Parent Company Faces Financial Turmoil (Representative Image)
Technicolor India, part of the Paris-based Technicolor Group, has reportedly closed, impacting over 2,000 employees in Mumbai and Bengaluru.
According to media reports, Biren Ghose, MD, Asia-Pacific for Technicolor, said in a town hall that Technicolor India has been unexpectedly impacted by the financial troubles of its parent company in Paris.
Ghose said Paris headquarters’ decision to enter receivership or liquidation came as a surprise. Despite efforts to secure salaries, Technicolor India was told global headquarters couldn’t provide funds. As a result, February salaries won’t be paid. The company is working on a solution and communicating with Paris, as salary disbursement depends on receiving the necessary funds.
Technicolor Group engages in the business of visual effects, motion graphics, and animation services for the entertainment, media, and advertising industries. Some of the notable works of the company are *The Lion King* and *Mufasa*.
Technicolor has raised the bar for post-production and animation through its work on a range of popular films including the Harry Potter series, Detective Pikachu, Bumblebee, PAW Patrol: The Movie, The Mighty Movie, and Teenage Mutant Ninja Turtles: Mutant Mayhem.
There are some upcoming projects that are underway: Disney’s live-action remake of Lilo and Stitch, Paramount’s Mission: Impossible – The Final Reckoning, and Paramount and Nickelodeon’s upcoming title *Teenage Mutant Ninja Turtles sequel.
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.
