Imax Laying Off 14% Of Workforce, Buying Back More Shares

Large-screen theater operator Imax Corp. said late Monday it plans to lay off 14% of its global workforce in a bid to trim costs. The job cuts affect 100 positions including those in China at a cost of $15 million in 2017, with annual cost savings of about $20 million expected to begin in the third quarter. Imax said it also plans to buy back another $200 million in shares after a $200 million share buyback plan wraps up this month. Imax shares were unchanged at $24 after hours.