In a stunning turn of events, Cathay Cineplexes has officially closed its doors in Singapore, plunging the local entertainment scene into turmoil. This announcement follows a declaration from its parent company, mm2 Asia, stating that the cinema chain would enter a process of voluntary liquidation due to overwhelming financial challenges.

On September 2, Cathay Cineplexes reported to the Singapore Exchange that continuing operations was no longer viable, primarily due to crippling debts and a failed attempt to negotiate with creditors. The company had been grappling with significant losses coupled with unpaid rents, with multiple landlords, including Resorts Concept and HSBC Institutional Trust Services, demanding millions in overdue payments.

As a result, Cathay had already shuttered six of its outlets over the past three years, leaving just four cinemas operational until this final announcement.

In the wake of this significant closure, liquidators Luke Anthony Furler and Tan Kim Han from Quantuma (Singapore) have been appointed to oversee the liquidation process. Meetings for members and creditors are expected to take place soon.

Last week, mm2 Asia revealed a staggering net loss of S$122.4 million (approximately RM402 million) for the fiscal year 2025, with the cinema sector contributing heavily to the company’s financial distress.

The closure of Cathay Cineplexes marks the end of an era for moviegoers in Singapore, who will now face reduced options for cinematic experiences. It serves as a stark reminder of the struggles faced by traditional entertainment venues in an increasingly digital world.