Relativity Media is set to lay off up to 100 of its 350-strong employees in the coming days as the studio nears bankruptcy, Variety reports.
The company, founded by Ryan Kavanaugh 11 years ago, has been set to file for bankruptcy and it now seems that may happen sometime this week. Kavanaugh is yet to speak out about the current situation of his company, nor has there been any statements from the company itself.
Warning signs first appeared back in May when Relativity was unable to repay a major loan and had to ask for an extension on the apparent $320 million financial debt. Sadly, no deals or resolutions have been found in the interim, and the bankruptcy steps are now in place. Job cuts are expected across many facets of the company including its digital and education sectors.
Employees that are part of the joint venture between Relativity and EuropaCorp are set to be safe from job losses.
Among the films Relativity Media have been involved with over the years include Adam McKay’s Step Brothers, Michael Mann’s Public Enemies, musical adaptation Les Miserables starring Hugh Jackman and more recently the upcoming comedy Masterminds starring Kristen Wiig and Owen Wilson, and the long-planned remake of The Crow.
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