Cinemark is one of the leading theater chains based out of USA, it is owned by Cinemark Holdings. Cinemark theatres are operating throughout the Americas and in Taiwan. It is headquartered in Plano, Texas, in the Dallas–Fort Worth area. It is the largest movie theatre chain in Brazil, with a 30 per cent market share. Cinemark operates theaters under several brands, including its flagship Cinemark, Century Theatres, Tinseltown USA, CinéArts, and Rave Cinemas. The big news today is that Cinemark is temporarily reducing wages for all U.S. employees while its theaters remain closed due to the coronavirus pandemic.
The CEO of Cinemark Mark Zoradi has now issued a statement to justify this pay cut - “The dramatic global impact of the Coronavirus (COVID-19), has created a turbulent environment that is changing daily and dramatically affecting everyone. During this time, I am most concerned about the impact this unprecedented situation has had on our Cinemark team members and their families. With these measures, workers salaries will be cut by around 50%. All employees are working reduced hours and will still maintain full benefits.”
It is also said that Cinemark’s CEO Mark Zoradi and the board of directors are voluntarily forgoing their entire salaries during the closures to support the company’s cash preservation efforts, while executives at the company have chosen to take steeper pay cuts to support team members. When a big chain like Cinemark starts reducing wages for their staffs, smaller players would also follow suit is what all trade pandits feel.
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