New Delhi: In a shocking turn of events, Technicolor India has ceased operations, leaving over 2,000 employees in Mumbai and Bengaluru without jobs. This sudden closure highlights the severe financial struggles faced by the Paris-based Technicolor Group, which have also led to the shutdown of several US-based studios. The inability to pay February salaries exacerbates the uncertainty and hardship faced by employees, underscoring the global impact of Technicolor’s financial crisis.
Technicolor India’s shutdown was unexpected, with the Paris headquarters’ decision to enter receivership or liquidation catching local management off guard. Despite efforts to secure salaries, Technicolor India was informed that global headquarters could not provide the necessary funds, resulting in unpaid February salaries for employees. The company’s financial woes have not only affected India but also led to the closure of US-based studios, including The Mill, MPC Advertising, and Mikros Animation, impacting thousands globally.
Technicolor Group is renowned for its work in visual effects, motion graphics, and animation services for major films like The Lion King and the Harry Potter series. Before the shutdown, the company was involved in upcoming projects such as Disney’s live-action remake of Lilo and Stitch. The financial struggles leading to these closures follow Technicolor’s Chapter 15 bankruptcy filing in 2020 during the COVID-19 pandemic, marking another challenging chapter for the 110-year-old company.
