A POPULAR cinema will open in Glasgow in the coming months.
Cineworld has announced the closure of its first six UK sites as it begins the first of a primary restructuring plan.
The list includes Glasgow’s Parkhead location, next to The Forge shopping centre.
Other cinemas that are expected to do so include Bedford, Hinckley, Loughborough, Yate and Swindon Circus.
The chain is now initiating a consultation procedure with the workers of these sites.
It will offer maximum opportunities for redeployment to nearby sites.
A Cineworld spokesperson said: “We are implementing a restructuring plan that will provide our business with a strong platform to return our business to profitability, attract new business investment and a long-term sustainable future for Cineworld in the UK. “
If the plan is approved by the court, it is expected to take effect at the end of September 2024.
The total number of affected sites can be displayed after the procedure is completed.
We explained how Cineworld would also look to renegotiate the leases of around 50 cinemas across the country.
In addition, a further 25 cinemas will be affected by the restructuring plans and will remain open for a foreseeable time.
Other cinema operators will step in to take over some of Cineworld’s facilities.
Cineworld has 8 locations across Scotland, including Aberdeen, Queens Links and Union Street, Dundee, Edinburgh, Falkirk, Glasgow, Renfrew Street, Parkhead, and Silverburn.
Earlier this month, Cineworld was reportedly weighing its characteristics and contemplating a primary restructuring, which could come with closures.
This happened after Cineworld emerged from chapter bankruptcy in the United States late last year.
Filing for Chapter 11 bankruptcy means that a business intends to reorganize its debts and assets while remaining in business.
At the time, the long history of the channel’s 129 British and Irish theaters seemed to be in jeopardy.
The company’s shares plunged roughly 99% in the five years leading up to 2023 as it suffered a severe blow from the pandemic and the forced closure of its movie theaters.
Shortly afterwards, Cineworld’s UK division collapsed and went into administration on 31 July.
Since then, the directors of Alix Partners have been comparing plans for a first restructuring.
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