NEWS. . . BUT NOT AS YOU KNOW IT
One of the country’s cinema chains is reportedly planning to cut numerous jobs, having announced the closure of six of its theaters.
Cineworld is grappling with billions in debt that forced it to file for bankruptcy in 2022, Sky News reports.
This crisis led to it being delisted from the London Stock Exchange last August, and the planned closures were seen as an attempt to improve operating prices in the United Kingdom.
The restructuring plans, following ongoing negotiations with several advertising landlords in the UK, have also led to the chain requesting a rent reduction for a further 50 cinemas across the country.
Cineworld’s operations are believed to have been affected as a whole by the expansion of streaming services, delays due to industry strikes, and declining visitor demand due to the emerging cost of living.
There are rumors that other cinema operators could be preparing to step in and take over some theaters that are expected to be closed, but it is not yet clear who exactly and how long this will take.
The following six venues are reported to be closed: Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate and Swindon Circus.
Cineworld says that if the restructuring plan is approved, it will come into force at the end of September.
A spokesperson said: “We are implementing a restructuring plan that will provide our company with a strong platform to return our business to profitability, attract new business investment and a sustainable long-term future for Cineworld in the UK. “
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