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Cineworld will reportedly close 25 sites and eliminate many jobs as part of a first restructuring. Sky News reports that the cinema chain will unveil the main points of the plan tomorrow.
Around 25 Cineworld venues will close later this summer, but a dozen may close “immediately”. Fifty more sites will begin discussions about hiring reductions.
The exact number of potential project losses is still unclear, but resources say it could be “at least hundreds. “Earlier this month, it announced that Cineworld plans to close around a quarter of its cinemas in the United Kingdom as part of its new project. restructuring.
The cinema chain, which currently operates around one hundred sites across the country, is expected to close as part of a formal restructuring plan. Sky News reported that the group, which went personal last year, would also look to renegotiate the leases of around 50 other cinemas, with the remaining 25 or so sites not being included in the process.
The group, which also runs the Picturehouse chain, is among the film corporations that have been hit by the expansion of streaming facilities, delays in releases following moves by actors and screenwriters and the growing burden of living for customers. Sky said restructuring proposals are expected. It will be officially presented to creditors, adding owners, in the coming weeks. It is understood that the AlixPartners corporate monetary credit facility will act as an advisor to the process.
The organization was listed on the London Stock Exchange until last year, when it bought through investors and hedging budget after being crippled by billions of pounds in debt. Investors exchanged billions of pounds of debt for equity in the company, after the organization also filed for bankruptcy. in the United States.