According to reports, Technicolor Creative Studios is shuttering all U.S. operations of The Mill, MPC Advertising and Mikros Animation.
Citing “severe financial challenges,” the closure impacts hundreds of employees across New York, Los Angeles and Chicago.
“Despite exhaustive efforts—including restructuring initiatives, discussions with potential investors and exploring acquisition opportunities—we have been unable to secure a viable path forward,” the company said in a memo to The Mill’s U.S. employees. “Unfortunately, this leaves us with no alternative but to acknowledge that the company may be forced to foreclose.”
In the U.K., the company told staff it was filing for administration, citing “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.”
In France, the company has begun receivership proceedings for the Mikros Image, The Mill France, Technicolor Group, Technicolor Animation Production and Technicolor Trademark Management companies.
Technicolor Group has been operating since 1915.
