• Exhibitors

South Africa’s Ster-Kinekor Navigates Through Financial Headwinds


After entering business rescue in January of 2021 due to the financial strains of the COVID-19 pandemic, Ster-Kinekor, the largest cinema operator in South Africa, is once again facing financial challenges from market conditions beyond its control (i.e. lack of film releases). Having been resuscitated by investors in November of 2022 with ZAR R250 million (USD $13.6 million) in cash, Ster-Kinekor spent the past few months making public moves to shore up its operating costs in an effort to survive.

Back in April, the company announced that it would be closing up to nine of its cinema complexes across South Africa’s most populous provinces over the next six months and retrenching roughly 226 of its 728 employees across all departments. Ultimately Ster-Kinekor closed only two locations, the Boardwalk in Richard’s Bay and the Greenstone Mall in Johannesburg, leading to 52 workers being laid off. Staffing at the company’s headquarters has been reduced over 20%.

Of the remaining seven cinema sites the company is currently in discussions with landlords and partners to consider different entertainment and education strategies for those locations. Ster-Kinekor operates 41 theatres in South Africa and an additional six complexes in Namibia, Zambia and Zimbabwe.

Source : MyBroadband