By Chelsey St-Pierre
The Suburban
The closure of Cinema Des Sources in Dollard-des-Ormeaux marks a significant moment for Cinemas Guzzo, Quebec’s largest chain of independent movie theatres. Vincenzo Guzzo, the entrepreneur behind the chain, has acknowledged the challenges faced by the industry, particularly in light of recent financial pressures.
Recently, Quebec Superior Court Judge Michel Pinsonnault placed Cinemas Guzzo under interim receivership, necessitating financial transparency with Raymond Chabot, a firm specializing in financial recovery. This move is part of CIBC’s efforts to seek liquidation over an outstanding $38 million debt, with the bank expressing frustration over extended payment delays.
Guzzo, while refraining from discussing the specifics of the ruling, has assured compliance with the court’s directives, stating, “I’m doing my job. We’re getting it done.” He clarified that the decision to close Cinema Des Sources was made prior to these proceedings, citing an expiring lease as the primary reason.
The pandemic has had a devastating impact on the cinema industry, with prolonged closures severely affecting revenue streams. Guzzo acknowledged this impact, noting the nearly two years of restrictions that have challenged theatre operators.
Beyond his role in the cinema industry, Vincenzo Guzzo is well-known for his appearances as a “Dragon” on the Canadian reality television show Dragons’ Den, where he invests in and mentors aspiring entrepreneurs. His dynamic personality and business acumen have made him a popular figure on the show.
In addition to his business ventures, Guzzo is recognized for his philanthropic efforts. He has been involved in various charitable activities, including significant donations to healthcare institutions in Quebec, demonstrating his commitment to giving back to the community.
Guzzo’s contributions extend to his active participation in community development, where he supports initiatives aimed at enhancing local infrastructure and services. His involvement in both business and community efforts reflects a multifaceted approach to leadership and social responsibility. n