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Luc Besson's EuropaCorp Plans Layoffs😥 Following 'Valerian' Losses

Luc Besson’s EuropaCorp plans to lay off 22 of its Paris-based staff in an effort to cut costs and refocus on core business activities after the box-office failure of Valerian and the City of a Thousand Planets.

In a brief statement Monday, the company said it plans to cut its workforce from the current 79 employees to 57 to “carry out its strategy of refocusing on core business activities.”

The company posted an $83 million loss in December, following a record $135 million loss for the 2016 financial year.

Besson banked on the success of his pet project Valerian, which had been decades in the making. But the sci-fi epic grossed only $225 million worldwide on a budget upward of $200 million.

Founder Besson retook the helm of the company Jan. 1 following the departure of CEO Marc Shmuger in November. Deputy CEO Edouard de Vesinne left in September.

Besson's company will refocus on producing thrillers, like the wildly successful Taken franchise and Lucy, with a planned slate of four to five films per year. That's down from the ambitious twelve per year announced in 2014.

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