The $83 million loss for the six months ending on September 30 last year was largely attributed to the box office failure of Valerian.
The Emma Watson and Tom Hanks film The Circle, which EuropaCorp distributed, also failed to light up the box office.
As reported by Deadline, EuropaCorp has begun a consultation procedure that could see 22 employees, or 28% of the company’s French staff, laid off.
This news comes after the company posted an $83 million net loss in its six month financial results and a $136 million loss for the fiscal year that ended on March 31 last year (before Valerian hit theaters).