Cineworld, a significant participant within the UK movie market, has revealed plans to shut six of its cinemas as a part of a wider restructuring plan (RP) geared toward reviving the corporate’s monetary well being.
Venues scheduled to shut embrace Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate and Swindon Circus.
The closure announcement comes as Cineworld grapples with “more and more excessive and unsustainable working prices”. The corporate’s restructuring efforts prolong past these closures and embrace methods to renegotiate lease phrases and scale back rents to market ranges in chosen UK places.
The RP proposed by Cineworld is predicted to take impact in late September 2024, if authorised by the courtroom.
Employees at affected places will enter a session course of, with Cineworld committing to providing redeployment alternatives to close by places the place potential. The corporate harassed that the full variety of affected websites stays fluid till the restructuring course of is accomplished.
A Cineworld spokesperson stated: “We’re implementing a restructuring plan that may present our firm with a powerful platform to return our enterprise to profitability, appeal to additional funding from the group and safe Cineworld’s sustainable long-term future within the UK. “
Cineworld owns the Regal theater chain in the US.
The closures of the six Cineworld cinemas observe the latest closure of the corporate’s Picturehouse chain. In June, Picturehouse confirmed the closure of three London cinemas – Fulham Street, Stratford East and Bromley Picturehouse.
