Caixin
Dec 12, 2018 07:47 PM
BUSINESS & TECH

SMI Closes 140 Cinemas As Debts Mount

The door to a Stellar International Cineplex is closed in the northern city of Tianjin on Sept. 6. Photo: VCG
The door to a Stellar International Cineplex is closed in the northern city of Tianjin on Sept. 6. Photo: VCG

After months of speculation, a major Chinese cinema chain has been forced to come clean on debts of at least $60 million in unpaid wages and rent, and to close 140 cinemas.

The revelation by SMI Holdings Group Ltd. stoked concerns about the furious expansion of the cinema market over the past few years that has seen China become home to the largest number of screens of any nation.

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