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IMAX to shutter virtual reality locations, write off investments

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IMAX to shutter virtual reality locations, write off investments

IMAX Corp. will close its remaining virtual reality locations and write off certain VR content investments in connection with a strategic review of its virtual reality pilot initiative.

Additionally, as part of the company's efforts to decrease costs and increase operating leverage, the company is reducing certain functions and realigning resources in certain areas.

IMAX expects one-time impairment charges of $6.9 million in the fourth quarter as a result of these strategic decisions.

Furthermore, the company expects to incur one-time charges of $3.3 million and $4.2 million in the fourth quarter, related to the transition of its CEO for IMAX Entertainment and in connection to legal fees awarded in a previous arbitration, respectively.