On what should be a weekend of celebration for cinemas with the release of the huge blockbuster Deadpool & Wolverine, Cineworld has confirmed the sad news that it is closing 6 cinemas across the UK.
Cineworld cinemas in Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate, and Swindon Circus will be closing down in the coming months.
A consultation process will now move forward with employees at the six locations due to close, with Cineworld saying it will offer as many redeployment opportunities as possible.
The company has also announced plans to reduce rent to market level at multiple UK sites in a bid to return Cineworld to profitability.
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.”
Cineworld’s restructuring plan will now go before the court, and if approved, the process is set to go into effect in September.
The company says the total number of locations impacted by the restructuring plan won’t be known until the process is completed, so we can expect further updates in the coming months.
Last month, it was announced that three Picturehouse cinemas – a cinema chain also owned by Cineworld – would be closed.
The Picturehouse cinema in Fulham Road was closed on July 11, while the cinemas in Stratford East and Bromley will close on July 29 and August 1, respectively.
In September 2022, Cineworld filed for bankruptcy protection in America, with Bloomsberg UK reporting that the company was seeking help to pay off “nearly $9 billion of debt and leases accumulated as part of an acquisition spree”.
Since then, two Cineworld sites have closed down in Runcorn and Bristol, with both ceasing trading on November 26, 2023.
Movies Editor, Digital Spy Ian has more than 10 years of movies journalism experience as a writer and editor. Starting out as an intern at trade bible Screen International, he was promoted to report and analyse UK box-office results, as well as carving his own niche with horror movies, attending genre festivals around the world. After moving to Digital Spy, initially as a TV writer, he was nominated for New Digital Talent of the Year at the PPA Digital Awards. He became Movies Editor in 2019, in which role he has interviewed 100s of stars, including Chris Hemsworth, Florence Pugh, Keanu Reeves, Idris Elba and Olivia Colman, become a human encyclopedia for Marvel and appeared as an expert guest on BBC News and on-stage at MCM Comic-Con. Where he can, he continues to push his horror agenda – whether his editor likes it or not.