The Weinstein Co. has laid off more than 20 employees on Wednesday, as it prepares to finish off a $289 million sale out of bankruptcy to Lantern Capital. A source close to a portal reveals that the layoffs are from the PR, marketing and distribution areas.
Ever since the Harvey Weinstein scandal broke out, the company had been laying off employees and the staff dwindled down to 70 employees from a strength of 140. The layoffs are representative of around a third of the remainder workforce.
However, Lantern Capital which is purchasing the studio out of bankruptcy offered contracts to around two-thirds of The Weinstein Co.’s ex-employees which amounts to nearly 20 workers. And the employees who are leaving the company will be paid through Friday.
Co-Presidents of Lantern Entertainment, Andy Mitchell and Milos Brajovic stated that there would be attrition and at the meeting, they indicated that the employees may need to reapply for jobs and the the basic concern to the employees was that Lantern would curtail the distribution business.
On Tuesday, Lantern declared that they have three industry experts in the form of Steve Breeks, Lauren Zalanick and Alexa Platt as advisors on the turnaround.
TWC has been in a state of distress since long while and had to file for bankruptcy in March after movie mogul Harvey Weinstein faced charges of sexual harassment and assault.