CINEWORLD CONFIRMS PLANS TO SHUT SIX SITES - FULL LIST OF CINEMAS CLOSING

Six sites Cineworld is set to close have been confirmed, as part of its major restructuring plans.

Yesterday it was reported several Cineworlds will shut for good, with dozens more sites to enter into discussions on rent reductions. This morning it has been reported the locations which will lose their cinemas “immediately”.

They are said to be Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate and Swindon Circus. A spokesman told the Mirror: “We are implementing a restructuring plan to 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.”

The exact number of potential job losses is not yet clear but sources say it could be at "least in the hundreds". If the plan is approved, 25 cinema sites will be unaffected. However, if enough landlords refuse to agree to the new let terms, the 50 Cineworld complexes up for rent renegotiation could also be at risk of closure. Cineworld initially went into talks to sell the business, but has now switched to a "formal restructuring" process instead and is being advised by AlixPartners.

The cinema chain has over 100 sites in the UK and the Republic of Ireland - which operate under the Cineworld and Picturehouse brands - globally the chain has around 750 sites. Alongside other cinema chains, Cineworld was hit hard by the Covid-19 pandemic and the lockdowns which were introduced. As well as this, Cineworld faced the added pressure of having to compete with streaming services.

The chain built up a multibillion dollar debt which led it into into financial turmoil and forced the company to file for a Chapter 11 bankruptcy protection in the US back in 2022. The group was listed on the London Stock Exchange until last year, when it was taken over by investors. At the time, Cineworld stressed the move would not impact its British operations for the holding company.

2024-07-27T10:14:33Z dg43tfdfdgfd