Cineworld is reportedly carrying out closures in the near future
By Patrick O'Donnell
Published: 04/07/2024
Updated: 04/07/2024
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Cineworld is reportedly set to close around 25 of its cinemas as part of a company-wide restructuring plan.
This latest move from the multiplex operator will also include extensive rent cuts, Sky News reports.
The cinema chain is planning to renegotiate rent agreements at a 50 of its other sites.
Furthermore, the remaining 25 Cineworld locations will not be touched during the restructuring.
With these reported closures, the company will see a quarter of its cinemas shut down.
According to sources, these proposals are set to be put forward to creditors in the weeks to come.
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As part of the restructuring plan, Cineworld are reportedly considering an insolvency mechanism in lieu of a company voluntary agreement (CVA).
A Cineworld spokesperson told Sky News: "We continue to review our options but we don't comment on rumours and speculation."
Last month, the cinema chain was rumoured to taking part in initial talks about a sale to prospective buyers.
AlixPartners is reportedly advising Cineworld on the company overhaul.
With Cineworld departing the high street, other cinema operators are expected to take over some of the company's sites.
As it stands, the multiplex chain is the second largest cinema chain in the world behind AMC theatres.
It currently has over 740 locations across 10 countries with around 100 based in the UK.
In the UK, Odeon is currently the biggest cinema chain operating in the country.
LATEST DEVELOPMENTS:
Last year, Cineworld successfully pulled itself out of Chapter 11 bankruptcy after filing in 2022.
In August 2023, the company delisted from the London Stock Exchange (LSE) after its share price plummeted.
GB News has contacted Cineworld for comment.
