imgHollywood, CA (May 22, 2014)—Award-winning audio post company Todd-Soundelux has filed for Chapter 11, according to reports in various Hollywood trade publications.

Deadline|Hollywood broke the story, quoting a company statement that Todd-Soundelux will streamline its cost structure and prepare the company for sale while under Chapter 11 protection: “This action has been necessitated by a significant decline in revenues, primarily in the feature film segment, which has impacted the independent post production sound business in the Los Angeles area.”

Todd-Soundelux encompasses two brands dating back to 1953 and 1982 respectively and boasts a long list of industry awards. The company has lost several notable creatives in recent years, including Lon Bender, co-founder of Soundelux, and Per Hallberg and Karen Baker Landers, who all joined Formosa Group. Multi-Oscar-winner Wylie Stateman and Kevin O'Connell, a 20-time nominee, remain at Todd-Soundelux, which is reported to be laying off 30 of its approximately 200 employees.

According to the statement, the company plans to continue operating while restructuring and will meantime honor its commitments to clients and their projects. Todd-Soundelux includes Game of Thrones, Mad Men, CSI, CSI: NY, Person of Interest and Family Guy among its credits. Deadline|Hollywood reports that the company will close its Hollywood and Santa Monica facilities but continue working from its Burbank office.