Word on the street has it that MBO Cinemas (or MCAT Box Office Sdn Bhd) might be shutting down for good after suffering continuous losses due to the ongoing Movement Control Order (MCO) since it started back in March.
The Edge Markets was the first to break the news, and it was picked up by NST soon after. The Edge took note “on the intention of executing the liquidation process for MBO Cinemas“.
Liquidation often happens when the company/business is unable to pay off its creditors. As a result, its assets are sold off in order pay back its creditors. Back in August, Bernama quoted MBO Cinemas CEO Cheah Chun Wai on the cinema’s 55% drop in sales during the first 3 months of the Covid-19 outbreak. There were no sales during the following 3 months due to the MCO.
On Tuesday, MBO Cinemas posted an announcement informing its customers that 17 out of its 27 outlets in Malaysia are closed until further notice. The company did indicate that 5 cinemas in Kuala Lumpur and Selangor, as well as another in Sabah, are temporarily closed.
Facebook user Ken Goh commented, “In a market long dominated by two giants of the industry, you were a breath of fresh air, a shining light and absolute proof that things could’ve been better. You were the face of change for our cinema industry, and make things better you undoubtedly did.”
He added, “From the quality of your cinemas, to the customer service provided by your staff, to the ticket price points and the robust membership system, you were and always will be my first choice. Tis sadly the end of an era, but I hope this isn’t goodbye forever. Thank you for the good times MBO. You really were the best.”
MBO Cinemas has yet to release any statement regarding this issue.
Source: NST.
Follow us on Instagram, Facebook or Telegram for more updates and breaking news.
