Hollywood audio post company Todd-Soundelux announced that it has filed for Chapter 11 bankruptcy and will restructure the business. Founded in 1982 and formerly known as CSS Studios, the holding company's brands include Todd-AO and Soundelux.
Sound professionals working at the company have been involved on projects ranging from Divergent to Game of Thrones as well as the Oscar-nominated Lone Survivor.
In a statement provided to entertainment news provider The Hollywood Reporter, the company says: "This action has been necessitated by a significant decline in revenues, primarily in the feature film segment, which has impacted the independent postproduction sound business in the Los Angeles area."
The bankruptcy petition submitted to the Californian court estimates that the company’s assets and liabilities are currently between $1m and $10m.
Although the company has indicated that it wishes to remain open during the restructuring process, Deadline Hollywoodreports that its facilities in Hollywood and Santa Monica were closed last week with around 30 of its 200 staff losing their jobs.