Imax Kenya faces the auctioneers hammer over unpaid rent
Imax Kenya is facing the auctioneers hammer at its iconic 20th Century Plaza theater over unpaid rent arrears.
In a notice published on the local dailies, Ideal Auctioneers- a local auctioneering outfit, indicates assets belonging to Arfa Arfa Limited — the managers of the theater — will be subjected to a public auction on July 15.
Among the assets listed for auction include an assortment of movie theater equipment; retractable seats, projectors, TV sets, power backup units and roof & wall mounted speakers.
The planned auction on the cinema’s assets mirrors the strife faced by the wider cinema industry across the globe following the emergence of the COVID-19 pandemic.
Cinema and movie theaters have remained closed, festivals have been canceled while film releases have been postponed or cancelled.
The closures have resulted is the steep fall of revenues as film production further comes to a halt.
For instance, the Chinese Film Industry reported the loss of Ksh.213 billion($2 billion) by March 2020 having closed all of its cinemas during the Lunar Year period that sustains the industry across Asia.
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