A POPULAR Glasgow cinema is set to close down in the coming months.
Cineworld announced the first six UK sites it will shut down as it enters the first phase of a major restructuring plan.
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It comes as the major chain is planning to close 25 cinemas for good before the end of the summer.
It is unknown how many jobs will be affected, but it’s understood that it would be “at least in the hundreds”.
And Cineworld today announced the first six cinemas to close.
The list includes the popular Glasgow Parkhead venue next to The Forge shopping centre.
The other cinemas set to close are Bedford, Hinckley, Loughborough, Yate, and Swindon Circus.
The chain is now beginning a consultation process with employees at those sites.
It will offer as many redeployment opportunities in nearby sites as possible.
A Cineworld spokesperson said: “We are implementing a restructuring plan that will provide our company with a strong platform to return our business to profitability, attract further investment from the Group, and ensure a sustainable long-term future for Cineworld in the UK.”
If the plan is approved by the court, it is expected to become effective in late September 2024.
The total number of impacted sites cannot be confirmed until the process is complete.
We told how Cineworld will also seek to renegotiate rent agreements for around 50 other cinemas up and down the country.
And a further 25 cinemas will be left unaffected by the restructuring plans and will remain open for the foreseeable.
Other cinema operators are expected to step in to take over some of Cineworld’s sites.
Cineworld has eight sites across Scotland including Aberdeen Queens Links and Union Street, Dundee, Edinburgh, Falkirk, Glasgow Renfrew Street, Parkhead and Silverburn.
Earlier this month, Cineworld was said to be weighing up its options and considering a major restructuring, which could include closures.
It came after Cineworld emerged from Chapter 11 bankruptcy in the US late last year.
Filing for a Chapter 11 bankruptcy means a company intends to reorganise its debts and assets while remaining in business.
At the time, the future of the chain’s 129 UK and Irish cinemas appeared to be in danger.
The company’s shares plunged almost 99 per cent in the five years to 2023, as it was hit particularly hard by the pandemic and the enforced closure of its cinema sites.
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Shortly after, Cineworld’s UK arm collapsed into administration on July 31.
Since then appointed administrators at Alix Partners have been assessing plans for a major restructure.