Major UK cinema chain 'to close around 25 UK branches and axe hundreds of jobs'
25 July 2024, 10:17
Cineworld is due to announce a major overhaul as part of a restructuring plane to shore up its finances, with 25 sites predicted to close.
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The cinema chain is due to release details of the restructuring later today.
Sources told Sky News that around half a dozen branches will begin the closure process immediately and will shut for good later this summer.
The chain is also trying to negotiate rent reductions at around 50 locations.
It is feared ‘hundreds’ of jobs at the chain will be lost.
Other cinema operators are expected to step in and take over some of the Cineworld sites.
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Earlier this month cineworld was reported to be in talks with its commercial landlords about its plans to axe up to a quarter of its UK cinema estate.
Landlords including Landsec and Legal & General were in discussions with the firm about a restructuring plan.
The company trades from more than 100 sites in Britain, including at the Picturehouse chain, and employs thousands of people.
It has not yet been made clear exactly which sites will close.
