Plano Based Theater Chain Lays Off Thousands

Plano (WBAP/KLIF) – Plano based Cinemark is laying off 17,500 hourly workers due to the coronavirus epidemic.  In addition, the company furloughed about half the employees who work at the Plano headquarters at 20% of their pay.  Other employees are taking 50% pay cuts. The company also plans to sell $250 million in debt securities. Most of Cinemark’s U-S theaters closed their doors last month in late March amid stay at home orders.