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Fusion cash ‘nearly depleted’

By TANYA SMITH-CARTWRIGHT

tsmith-cartwright@tribunemedia.net

FUSION Superflex’s cash reserves are “nearly depleted” after being closed since March with the entertainment centre’s CEO telling The Tribune the facility needs to reopen soon before the business suffers “permanent” damage.

Carlos Foulkes said Fusion has a reopening plan and has written to the competent authority requesting to resume business, but has not heard anything.

“It has not been easy, that is certain,” Mr Foulkes said yesterday. “We are prepared for reopening. We would like to get our employees back to work. It’s been difficult.

“Cash reserves are nearly depleted and so we would need to get back into operation before the business suffers permanent damage.

“We have 400 staff members who are just sitting there with nothing to do and many of them call and email and come out to the property and ask questions and some of them have difficult times making ends meet. It’s not easy for staff members. We try to help where we can. My management team has assisted privately, as it’s only so far you can go without income.”

He added: “We have submitted a proposal to the competent authority. We have not heard any word back from them, but will reach out again this week.”

He said Fusion has come up with creative ideas and sanitisation protocols to limit the spread of COVID-19.

“Of course we have one of those advanced, HD/AC systems in the country,” he said. “We have UV lights already built into our systems so it’s clean air delivery and extraction in and out of the theatre space. We have sufficient outdoor space on the decks.

“We can minimise space between box office agents and customers by having them use online purchases of tickets and kiosk machines. We are ready to go. It’s just a matter of getting an indication as when we are allowed to go.”

Fusion Superflex has planned reduced use of the facility; separation of seats; empty rows between decks between groups of guests and not every seat will be sold.

“We have basically reduced the theatre down to 30 percent occupancy level,” he said. “So we will never sell a full theatre and we are willing to go with the additional social distancing that has been laid out by the law and by our own health consultants.

Mr Foulkes said as soon as the company is given the green light, it will purchase new stock and get back to business.

Fusion officials have repeatedly agitated to be able to reopen, after being closed for most of the year due to the pandemic.

In late September, Mr Foulkes told Tribune Business that Fusion Superplex would “have to make some serious decisions” on staff terminations and restructuring its finances if it were not permitted to open by early November.

Comments

TalRussell 3 years, 4 months ago

Comrade Carlos Foulkes, have you not heard, movie releases that once were the bread, butter, and steak for theaters' exclusive, will be extinct. Shakehead a quick once for upyeahvote, a slow twice for not?

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Clamshell 3 years, 4 months ago

Tal is correct! What movies will they show? They’re all being released to Netflix and HBO Max.

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GodSpeed 3 years, 4 months ago

OPEN THE BUSINESS UP! Trying to bankrupt young Bahamian entrepreneurs over this jokey virus that has a 99% survival rate is ridiculous. However the owners need to think about a new business model, movies are being released directly by studios to online streaming now.

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stillwaters 3 years, 4 months ago

Yeah........but who wants to find out they're in that puny little 1%?

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GodSpeed 3 years, 4 months ago

well keep this up and you'll have more people dying of suicide than Covid very soon.

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Clamshell 3 years, 4 months ago

If you had a 1% chance of being hit by lightning every time you went out your front door, you’d be wise to use your back door, bre.

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stillwaters 3 years, 4 months ago

They need to put up a big screen in their parking lot and do drive-in theatre for awhile.

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John 3 years, 4 months ago

Are banks intentionally slowing down their services to faustrate the public.

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