Cineworld announces 6 closures
July 29, 2024
Cineworld, the troubled cinema chain, has announced that is will be closing six cinemas will close as part of plans to cut jobs and save money, as the company struggles with debt.
The cinemas will shut in “late September” if the cost-cutting plans get legal approval. The effected locations are are: Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate and Swindon – Regent Circus. A statement on July 27th described them as “commercially unviable”.
The company said it would consult employees at the affected sites and offer redeployment to nearby sites to as many of them as possible.
The statement added: “Against a background of increasingly high and unsustainable operating costs, the business is set to implement a restructuring plan that will enable it to address its lease portfolio and rental terms with landlords in the UK.”
Cineworld said it hopes the move will “return our business to profitability” and “ensure a sustainable long-term future for Cineworld in the UK.”
It was rumoured earlier this month that the chain was considering closing 25 of its 100 cinemas as a result of its struggles with debt, but the company has denied these reports, saying no further sites have been identified for closure other than the six announced, but “the total number of impacted sites cannot be confirmed until the process is complete.”
Cineworld will currently be hoping for a an audience surge following the release of Deadpool & Wolverine, with the superhero tie-up movie expected to be one of the biggest box office draws of the year.
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