Cineworld plans to shut 25% of cinemas
July 4, 2024
Cinema chain Cineworld is reportedly drawing up plans to shutter a number of its UK cinemas as part of a restructuring that would also include extensive rent cuts.
Cineworld is looking to close around 25 of its 102 multiplexes, and also plans to renegotiate rent agreements at a further 50 sites, with the remaining 25 untouched by the restructuring.
Sky News reports that the proposals are expected to be formally outlined to creditors including landlords in the coming weeks.
The news comes after the company filed for Chapter 11 bankruptcy in the US in 2022 after being weighed down by debts and the weaker-than-hoped return of audiences following the pandemic, and the continued rise of streaming services.
Other cinema operators could potentially step in and take over some of Cineworld’s closed sites