CINEWORLD CONFIRMS 6 CINEMAS CLOSING IN THE UK
On what should be a weekend of celebration for cinemas with the release of the huge blockbuster Deadpool & Wolverine, Cineworld has confirmed the sad news that it is closing 6 cinemas across the UK.
Cineworld cinemas in Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate, and Swindon Circus will be closing down in the coming months.
The announcement comes following reports that Cineworld was planning a restructuring plan that is also aiming to see them renegotiate rent agreements on a further 50 sites. The remaining 25 cinemas are said to be safe.
A consultation process will now move forward with employees at the six locations due to close, with Cineworld saying it will offer as many redeployment opportunities as possible
The company has also announced plans to reduce rent to market level at multiple UK sites in a bid to return Cineworld to profitability.
A Cineworld spokesperson said: “We are implementing a Restructuring Plan that will provide our company with a strong platform to return our business to profitability, attract further investment from the Group, and ensure a sustainable long-term future for Cineworld in the UK.”
Cineworld's restructuring plan will now go before the court, and if approved, the process is set to go into effect in September. The company says the total number of locations impacted by the restructuring plan won't be known until the process is completed.
Last month, it was announced that three Picturehouse cinemas – a cinema chain also owned by Cineworld – would be closed.
The Picturehouse cinema in Fulham Road was closed on July 11, while the cinemas in Stratford East and Bromley will close on July 29 and August 1, respectively.
In September 2022, Cineworld filed for bankruptcy protection in America, with Bloomsberg UK reporting that the company was seeking help to pay off "nearly $9 billion of debt and leases accumulated as part of an acquisition spree".
Since then, two Cineworld sites have closed down in Runcorn and Bristol, with both ceasing trading on November 26, 2023.