Large-screen theater operator Imax Corp. said late Monday it plans to lay off 14% of its global workforce in a bid to trim costs. The job cuts affect 100 positions including those in China at a cost of $15 million in 2017, with annual cost savings of about $20 million expected to begin in the third quarter. Imax said it also plans to buy back another $200 million in shares after a $200 million share buyback plan wraps up this month. Imax shares were unchanged at $24 after hours.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News