Paris, France-based Technicolor, the iconic color motion picture film processor and now a French multinational corporation that provides services and products for the communication, media, and entertainment industries, has announced layoffs at its CD/DVD Disc manufacturing facility in Huntsville, Alabama. The layoffs will impact 100 employees. According to employees, the plant was to be closed in 2019
It appears that Technicolor wants to exit the Disc manufacturing business.
Coincidently, France-basedTechnicolor Home Entertainment announced that they will be closing their one-million-square-foot Olyphant Pennsylvania compact disc duplication and packaging plant and laying off the remaining workers in 2018. Approximately 160 workers are affected. Technicolor's spokesperson, Lane Coope, said in a published report, “In an ongoing assessment of market conditions and operational requirements to remain competitive in our key areas of business, Technicolor will be ceasing packaging and replication operations at its Olyphant facility.”
The real issue is a disruption in Tehnicolor's business model that sees CD/DVDs being obsoleted by on-demand streaming technologies.
In June 2020, Technicolor announced that it has filed for Chapter 15 bankruptcy which allows a foreign debtor to file for bankruptcy in the United States court system. Technicolor attributed its financial problems to the COVID-19 pandemic and noted, “Compounding matters, the COVID-19 pandemic has caused theatrical releases to be put on hold and production timelines to be pushed back, significantly depressing Technicolor’s revenue from production services."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?