The technician mm2 Asia owed the landlord about S$ 4.3 million ( US$ 3.2 million ) in fee at the JEM shopping plaza after the movie theater closed on March 27.
The company announced in a registration to the Singapore Exchange on Thursday that it would be closing the channel “in light of the challenges facing the theatre industry since COVID-19”.
It continued,” This is the result of ongoing conversations with the employer for more than a year.”
As a director of Lendlease Global Commercial REIT, the landlord at JEM, Cathay Cineplexes received a cancellation notice from DBS Trustee Limited.
The movie controller claimed to have been “actively engaging” the tenant to come to an agreement on the lease terms and the outstanding book.
However, the employer, among other things, wants to get the rent back and decides to cancel the lease. The company stated that it would function with the landlord to resolve the outstanding debt.
This is the fifth film in less than three decades that mm2 Asia has closed down in less than three times: the Cathay Building, Orchard Cineleisure, Parkway Parade, AMK Hub, West Mall, and presently JEM.  ,
In anticipation of the business and market shift post-COVID, Cathay Cineplexes continues to realign and rightsize its cinema business.
The agonizing process is unavoidable, but it will help the film to look into new opportunities in response to the current market demands and ensure long-term sustainability.
Additionally, it thanked Lendlease for its assistance throughout the COVID-19 and post-pandemic, when the film industry experienced” major challenges and extraordinary difficulties.”
mm2 Asia’s leader Melvin Ang said in an exclusive interview with CNA final month that he is still enthusiastic about the company’s future and that he is not giving up on the metal screen.
The company reported last month that it had received letters of demand from Century Square and Causeway Point cinema owners demanding S$ 2.7 million ( US$$ 2 million ) in rent and other expenses.