Ninety-year-old Hollywood post-production and VFX house Pacific Title & Art Studio is set to be liquidated, per VARIETY.
Efforts to get new financing for the company have failed, according to an email to employees from CEO and President David McCarthy, and all current projects will be completed by the end of June.
A buyer could emerge to save the company, but McCarthy's email was clear: "You should all immediately consider yourself laid off."
"We will be contacting our customers shortly to explain what our intent is and to work with them to either complete their pending projects or to cease activity on the projects and transfer the elements to other facilities or return customer materials as appropriate," he added.
Pac Title was founded in 1919 by Warner Bros. animation artist Leon Schlesinger. Classic films to its credit include GONE WITH THE WIND and BEN HUR, with newer titles including TERMINATOR SALVATION, WATCHMEN and FAST & FURIOUS.
Last year, the company received a $3 million cash infusion, but McCarthy said the economic slowdown and the turmoil created by the SAG dispute "combined to create an excessively harsh industry situation that Pac Title could not escape."
Rumors of failure have been swirling for weeks, after several missed payrolls and employee furloughs last week.
