Cineworld confirmed it would be closing six more sites in a major update earlier this month – the first of these, in Weymouth, will close today
Cineworld, the struggling cinema chain, is set to close its Weymouth branch today, marking the first of six closures that will disappoint movie enthusiasts. Earlier this month, Cineworld confirmed plans to shut down six more sites, including Castleford, Leigh, Middlesbrough, Northampton and Poole, all scheduled for closure on January 19.
The Middlesbrough and Northampton branches are expected to reopen as Odeon cinemas later in the year. The closures come as a result of landlords terminating their contracts with Cineworld.
This follows the approval of major restructuring plans by Cineworld in September 2024, after four companies within the UK arm of Cineworld warned the High Court of potential administration risks. This led to Cineworld renegotiating rent agreements at several of its branches, unfortunately resulting in the closure of five sites in Glasgow Parkhead, Bedford, Loughborough, Yate and Swindon Regent Circus.
Prior to the restructure, Cineworld operated nearly 100 cinema complexes across the UK.
Cineworld has announced a significant boost in liquidity, unlocking £40million following its restructuring efforts. The cinema giant is also planning to channel up to £35million into revamping its current venues, reports the Mirror.
This news comes as the High Court hears from various branches of Cineworld’s UK operations, including Cine-UK Ltd, Cineworld Cinemas Ltd, Cineworld Cinema Properties Ltd, and Cineworld Estates Ltd. These companies are part of the larger group that runs movie theatres across ten countries, including the US under the Regal Cinemas banner.
The chain has been reeling from a substantial decline in revenue after its sites were shuttered during the coronavirus pandemic. Additionally, it faces ongoing challenges due to a shift in consumer habits towards streaming platforms.
Tom Smith KC, the barrister representing the case, noted that the company was also “severely adversely impacted” by last year’s strikes involving screen actors and writers.
Javier Sotomayor, President of Cineworld International, commented on the restructuring, saying: “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.”