Some bad news for Toronto’s animation industry after Arc Productions announced it’s shutting its doors and filing for bankruptcy, reports People.
Arc is best known for animating the children’s series “Thomas the Tank Engine”, and company CEO Tom Murray pasted a letter on the front door to inform Arc’s 500 employees.
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“Arc is experiencing significant financial difficulties and a liquidity crisis,” the letter reads. “Despite the very best efforts of management to find a solution to this financial emergency, we have not been able to resolve this matter with our lender.”
Murray adds: “I am so sorry that, in spite of all of the efforts, I have been unable to resolve this crisis and apologize for that failure. – Tom.”
