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Cineplex sells Toronto head office, aims to pay debt amid coronavirus challenges
Cineplex Inc. says it is selling its head office building in Toronto for $57 million as it looks for cash to pay down its credit facilities.The theatre chain says it will continue to lease back its Toronto office for up to a decade, but plans to consolidate its office space in the city.Cineplex has been hit hard by the COVID-19 pandemic, and said last month that 91 per cent fewer moviegoers came to theatres this summer compared to summer 2019.Chief executive Ellis Jacob says he has high hopes for next year’s movie slate, predicting that there will be pent-up demand for social activities after the rollout of the COVID-19 vaccine.