Uncertain future for film company

Laura Linney starred in You Can Count On Me

Acclaimed independent movie company Shooting Gallery, which made films including You Can Count On Me and Sling Blade, has stopped work on new productions after firing most of its staff.

The New York Times newspaper reported that the New York-based company, has losses of $72m (£51m).

Shooting Gallery is currently "honouring some existing commitments", but will not begin any new ones, Michael O'Connor Clarke, spokesman for its Canadian parent company Itemus said.

Shooting Gallery made Croupier a surprise hit

The company is now operating on a skeleton staff after the majority of employees were dismissed on 27 June.

Itemus had earlier announced that it was having cash flow problems and that it could no longer absorb Shooting Gallery's debts.

Shooting Gallery's future was still to be decided, Mr O'Connor Clarke said.

World leader

"The main hope of management... is to find a resolution that keeps the Shooting Gallery name going."

Shooting Gallery had aimed to become a world leader in the communications arena, including film, television, commercial video and music.

Current projects include a film about legendary music label Sun Records, featuring performances from Sir Paul McCartney, Sir Elton John and Bob Dylan, which is due to be released this autumn.

The company has been producing films since 1992, and turned British director Mike Hodges' Croupier into an unexpected hit.

Best screenplay

The lauded You Can Count On Me won Oscar nominations for Kenneth Lonergan's screenplay and for co-star Laura Linney as best actress earlier this year.

In 1996, the company produced Sling Blade, which won Billy Bob Thornton an Oscar for his screenplay. He was also nominated as best actor.

Shooting Gallery comprises Shooting Gallery Entertainment, Shooting Gallery International, the Shooting Gallery Film Series and post-production house Gun for Hire.

Itemus, which only completed its purchase of Shooting Gallery on 1 May this year, also owns e-business companies Digital 4Sight and NAME.