Employment Protection Plan (PSE) for Eclair Cinema SAS, which oversees Eclair's post-production and restoration activities in France, approved by DIRECCTE and authorised by the official receiver
Ymagis Group, the European specialist in digital technologies for the film industry, announced the implementation of the Employment Protection Plan for Eclair Cinema SAS following its approval by the regional labour authority (DIRECCTE) and validation by the official receiver. This decision follows the placement in receivership of the French subsidiary Eclair Cinema SAS last November. For information, Eclair Cinema SAS represented 5.5% of Ymagis Group’s revenue for the first half of 2018 and almost all losses recorded over this same period.
The plan involves the closure of post-production activities in France and a reduction of the number of employees working on restoration activities. The Employment Protection Plan concerns 38 employees, the cost of the redundancies being financed by the AGS (French wage guarantee scheme). Eclair Cinema SAS will pursue its restoration activities and is working on ending the receivership through a continuation plan. All restoration projects in progress will continue to be executed in accordance with the agreements signed with the customers. Eclair has also ensured that all films in post-production with Eclair Cinema have been finalised or entrusted to other service providers, in agreement with the customers concerned.
In parallel with the reorganization of Eclair Cinema’s activities, Eclair will henceforth focus its efforts and investments on the development of its adaptation activities (subtitling, dubbing), digital distribution, preservation and content delivery to cinemas. In doing so, Eclair is actively pursuing the digitalisation of its services with its strategy involving the development and operation of cloud-based platforms.
ABOUT Ymagis GROUP
Ymagis is a European leader in advanced digital technology services for the cinema industry. Founded in 2007, the Group is headquartered in Paris and has offices in 26 countries with 770 employees. Our core business is structured around four main units: CinemaNext (exhibitor services: sales and field services, software solutions, customer service/NOC), Eclair (content services: postproduction, theatrical delivery, digital distribution, versioning and accessibility, restoration and preservation), Virtual Print Fee (VPF) for finance solutions and other activities, including EclairColor, EclairGame and Virtual Reality. For more information, please visit www.eclair.digital
YMAGIS is listed on Euronext Paris and is part of the CAC Small, CAC Mid and Small and CAC All-Tradable indices.