|Published:||Sep 07, 2012 4:10 PM EDT|
|Updated:||Sep 07, 2012 4:10 PM EDT|
PORT ST. LUCIE, Fla. (AP) - Digital Domain Media Group has closed its Florida facility and laid off about 280 workers.
The company announced Friday that about 20 remaining employees will help wind down operations in Port St. Lucie. Digital Domain facilities in California and Vancouver, as well as a for-profit college in West Palm Beach, will remain intact.
CEO John Textor resigned Thursday, explaining in a letter that he disagreed with the company's decision to close the Port St. Lucie facility.
Digital Domain has spent the past few years building a new animation studio in Port St. Lucie, using millions in incentives from the city and the state. A Securities & Exchange Commission filing earlier this week showed Digital Domain went into default on $35 million in loans, triggering interest rates that brought the debt to $51 million.
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