The Technicolor Group has begun shutting down operations across multiple markets and countries after it failed to find new investors to deliver an injection of funds.

The iconic Paris-based visual effects, motion graphics, and animation giant operates brands like The Mill, Moving Picture Company (MPC), and Mikros Animation, all of whose work ranges from 1940’s Pinocchio, the Harry Potter films, 2024’s Mufasa: The Lion King, to the Oscar-nominated Emilia Perez, the Independent notes.

In a letter sent to UK employees on Sunday, the giant global group said it had been “experiencing difficulties” due to “post-Covid recovery, a costly and complex separation from the previous group followed by the writers’ strike”.

Technicolor Group CEO Caroline Parot further wrote in her memo to staff, “due to inability to find new investors for the full Group, despite extensive efforts, [Paris-headquartered] Technicolor Group has filed for Court ‘recovery procedure’ before the French Court of Justice to give a chance to enable to find solutions.”

Parot’s memo explains, “In each country, the appropriate framework for orderly protection and way forward is currently being put in place to allow, when possible, to remain in business continuity.”

Variety reports Technicolor has already started to wind down U.S. operations.

On Friday, it began alerting customers and employees, sending U.S. employees a WARN notice as required by law for large companies that anticipate closings and mass layoffs.

It is still unclear exactly how many will be impacted and in what ways, but with offices in the U.S., UK, India, South Korea, and Canada, the Technicolor Group employs over 10,000 worldwide.

It is equally unclear what happens to projects under progress, like Disney’s Snow White and Lilo and Stitch, and Paramount’s Mission Impossible – The Final Reckoning under MPC, as well as Paramount and Nickelodeon’s Teenage Mutant Ninja Turtles 2 under Mikros, the Independent report notes.