Cineworld to shut six more cinemas after restructuring
The cinema group has already closed five cinemas this year as part of a shake-up of its UK operations.
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Your support makes all the difference.Cineworld has said it will shut another six of its cinemas following a major restructuring process.
The cinema chain revealed the fresh closures after formally completing a restructuring plan it launched in the summer to shore up its finances, which had already seen it shut five cinemas.
It has now said it will also close six more locations; Castleford, Leigh, Middlesbrough, Northampton, Poole and Weymouth.
The leisure firm has not disclosed how many jobs will be impacted by the closures.
The move will leave Cineworld with 90 cinemas across the UK.
It shut sites in Glasgow Parkhead, Bedford, Loughborough, Yate and Swindon Regent Circus earlier this year as part of its restructuring programme.
It had also earmarked its Hinckley cinemas for closure, but this was granted a reprieve after a new property deal was agreed.
Cineworld’s restructuring also resulted in reduced rents at a raft of other UK sites, helping to increase cost savings across the business.
The company said it has improved its financial position by also securing additional funds, including £40 million in liquidity.
It also plans to invest around £35 million across its estate, particularly in refurbishing existing cinemas.
Javier Sotomayor, president of Cineworld International, said: “The successful completion of our restructuring plan, achieved with the crucial support of our landlords, protects thousands of jobs across the UK and provides us with the financial stability to continue investing in delivering extraordinary experiences for our valued customers.
“This milestone sets the stage for a brighter future, enabling Cineworld to continue sharing joy in communities across the UK for many years to come.”
It comes amid a busy period for the film industry, with a recent major releases including Wicked, Gladiator II, Paddington In Peru and Moana 2.