South Africa IMAX theaters set to close

The two South African IMAX theaters, Gateway IMAX and Menlyn IMAX, are set to close this week due to low attendance. From the press release:

IMAX Theatres to Close at the end of June 2010

Old Mutual Investment Group Property Investments (OMIGPI), in its capacity as managing agent on behalf of OMLACSA (Old Mutual Life Assurance Company of South Africa) has an agreement with Imax Corporation to operate two Imax Theatres in South Africa, an agreement that terminates on 30 June 2010.

As part of a drive to focus on core activities, OMIGPI has decided not to continue directly operating the Imax Theatres past the expiry date of the agreement.

Although the Imax movie format has provided a niche offering at Menlyn Park and Gateway Theatre of Shopping over the years; the existing equipment is now outdated in relation to the latest specification Imax Theatres found around the world. Imax attendance levels and take up by customers in the market are not sufficient to sustain ongoing business and justify additional capital costs that are necessary to convert to updated equipment and operating costs required.

Press Release >>

UPDATE: And additional coverage on the South Africa IMAX theater closures:

Pfangirl Through the Looking Glass Blog: Goodbye IMAX South Africa

Eastern Times: IMAX Theatre at Menlyn closes

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