Palace Amusement Company will be closing the Palace Cineplex and Palace Multiplex effective today (Wednesday).
The company has been under pressure from the fallout from the COVID-19 pandemic and the continued restrictions placed on operations in the entertainment industry.
In a statement to the stock exchange, the company said despite the best efforts of management to minimise overheads by way negotiating with landlords, utilising fewer screens to minimise electricity cost, and staff rotation, there are various costs that are unavoidable whether or not the cinemas are operating.
The management will continue to closely monitor conditions and will advise accordingly as to any new developments.
All feeds
