UK exhibition giant Cineworld has begun laying off staff as its business continues to be severely disrupted by the coronavirus pandemic. Deadline has seen correspondence sent yesterday to workers a…
The exhibitor’s global revenue in 2019 was $4.4BN.
The note from Cineworld to its employees says they will receive “notice pay as detailed in your contract plus any outstanding holiday pay”. Employees who have been with the company for more than two years will also receive a statutory redundancy payment. “When we are able to reopen, we sincerely hope you wish to return to us – we value your contribution and support you have given to our business and therefore, we would like to keep in contact with you. This contact will simply inform you of the company’s re-opening plans,” it read.“To let people go, at a time like this, when they have no other possibility of getting a job will only further add to their anguish in the current climate,” said Bectu head Philippa Childs.
Cineworld also owns U.S. cinema co Regal, no word yet on if staff at the American chain could be affected. It also owns chains in Eastern Europe and Israel. In total, it operates 790 sites and 9,518 screens in 10 countries, and employees 37,482 people. The company is in the process of acquiring Canadian exhibitor Cineplex for $2.1BN. This week, Bloomberg reported that Bluebell Capital Partners, a London-based fund that owns a stake in Cinepelx, is urging for the deal to be called off due to the current financial situation.
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