The Sundance kid continues to take his lumps in the business world. Robert Redford has closed the doors on his year-old production company, Sundance Productions, Inside.com has learned.
Former MGM exec Jeff Kleeman, who launched the company in January 2000, was let go along with the rest of the small development team. The production company had reportedly failed to secure needed funding.
Redford has apparently long sought to expand his Sundance umbrella, which includes the popular annual film festival, the Sundance movie channel, and the Sundance Resort. Earlier this year, plans to debut a theater chain, Sundance Cinemas, were dashed when the group's partner, General Cinemas, went bankrupt.
According to Inside.com, Redford had been seeking investment for a Sundance Group expansion, but interested parties like Paul Allen's Vulcan Ventures and Universal Pictures did not bite.