While the Guzzo group seeks to avoid the liquidation or sale of its company in parts, it wishes to reassure its employees and customers for the months to come.
• Also read: A receiver for the sale of assets of the Guzzo group
• Also read: The Guzzo group struggles to maintain control
“As we enter the holiday season, we remain deeply committed to protecting nearly 500 jobs and preserving the livelihoods of our employees, who are the heart of Cinémas Guzzo. Their dedication inspires us to work tirelessly to ensure the future of the company,” the group said in a statement released Monday.
The last few months have been marked by increased challenges for the organization, amplified by significant media attention, the press release continued.
The company says it is actively working on a restructuring and a recovery plan “to [s’]adapt to the growing challenges of [l’]industry”.
The group indicates that its cinemas remain “fully operational”, with the exception of Des Sources, in Dollard-des-Ormeaux, closed since the beginning of December.
Remember that CIBC and several private lenders (Equitable Bank, Q8 Capital and Q12 Capital) want Raymond Chabot to take control of the group's assets and launch a formal, “orderly and structured” process of soliciting investors for the sale of these assets. Together, they are claiming more than $60 million in unpaid debts.
