Slowing emerging from a two-year pandemic, France’s second biggest multiplex chain behind Pathé, CGR Cinemas, has been put on the market by its owners, Luc Raymond and Charles Raymond, Variet…
, CGR’s long-time managing director who has been tapped to find a buyer for the group.
CGR Cinemas was shut down for several months in 2020 and 2021, like all other theaters, due to the pandemic, and reopened with limited seating capacity and mandatory masks in May 2021. Most recently, concessions were banned in cinemas for over a month at the start of 2022 due to the omicron variant of COVID.
“CGR has always been a prosperous group and we were able to ride through the storm during the health crisis thanks to rescue schemes and subsidies put in place by the government, but after two years of crisis our losses have reached roughly €45 million,” said Bouyssy.
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