Cineworld is reportedly set to announce details of a major restructuring plan tomorrow
Cineworld is reportedly on the brink of announcing a series of UK closures and significant job cuts as part of a major restructuring plan, according to Sky News. The report suggests that details of the plan will be released tomorrow, with city sources indicating that approximately 25 Cineworld locations are set to close later this summer, while around six could shut their doors immediately.
An additional 50 sites will enter into negotiations for rent reductions. The exact number of potential job losses remains uncertain, but it's believed to be at least in the hundreds. If the plan gets the green light, 25 cinema sites will remain unaffected. However, if landlords refuse to agree to the new lease terms, the 50 Cineworld complexes up for rent renegotiation could also face closure. Initially, Cineworld entered talks to sell the business, but has now shifted to a "formal restructuring" process, with advice from AlixPartners.There is speculation that other cinema operators may step in to take over some of Cineworld's closed sites, although it's unclear which locations could be affected, reports the Mirror.
Cineworld operates over 100 sites in the UK and the Republic of Ireland under the Cineworld and Picturehouse brands, and globally, the chain has around 750 sites. Like many others in the industry, Cineworld was severely impacted by the Covid-19 pandemic and subsequent lockdowns, coupled with the added pressure of competing with streaming services.
Cineworld, once a multibillion-dollar company, was plunged into financial chaos due to mounting debts, leading it to file for Chapter 11 bankruptcy protection in the US in 2022. The cinema giant, which was listed on the London Stock Exchange until its takeover by investors last year, assured that the move would not affect its UK operations under the holding company.Get all the latest and breaking Yorkshire news straight to your inbox by signing up to our newsletter here.
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