The closure of six Cineworld sites has been confirmed, as part of its major restructuring plans.
Yesterday he announced that several Cineworlds would be permanent forever and that dozens of other sites would start talks about rent reductions. This morning he announced which communities would “immediately” lose their movie theaters.
These would be Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yacht and Swindon Circus. A spokesperson told the Mirror: “We are implementing a restructuring plan to provide our business with a strong platform to make our business profitable again, attract new organisations investment and a long-term sustainable for Cineworld in the United Kingdom. “
The exact number of potential task losses is still unclear, but resources say it could be “at least hundreds. “If the plan is approved, 25 movie theaters will not be affected. However, if enough landlords refuse to accept the new lease terms, the 50 Cineworld complexes whose lease is being renegotiated could also be in danger of closing. Cineworld first initiated negotiations to sell the business, but it has now moved into a “formal restructuring” procedure and is being negotiated through AlixPartners.
The cinema chain has more than a hundred seats in the United Kingdom and the Republic of Ireland, operating under the Cineworld and Picturehouse brands, and globally, the chain has around 750 seats. Like other cinema chains, Cineworld has been hit hard by the Covid pandemic. -19 and the blocks that have been implemented. Most sensiblely, Cineworld has faced the added strain of having to compete with streaming services.
The chain racked up billions of dollars in debt that led to monetary turmoil and forced the company to file for Chapter 11 bankruptcy coverage in the United States starting in 2022. The organization was indexed on the London Stock Exchange until last year, when it was absorbed. through investors. At the time, Cineworld was under pressure that the move would not affect the holding company’s operations in the United Kingdom.
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