Cineworld has revealed six branches are set to shut – but they do not include any of the chain’s three Kent cinemas.
In a statement released today, bosses have confirmed it will close the screens at Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate and Swindon Circus, which they say are “commercially unviable”.
The firm – which has movie theatres in Rochester, Ashford and Dover – said earlier this month it could close roughly a quarter of its 100 cinemas and negotiate rent reductions at another 50 as part of radical restructuring plans.
Today, a Cineworld spokesman 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.”
It comes after the company filed for Chapter 11 bankruptcy in the US in 2022 after being weighed down by debts and weaker-than-hoped audience numbers.
It’s understood Cineworld was holding initial talks about a sale with prospective buyers and then switched to a formal restructuring process.
Other cinema operators could take over some of Cineworld’s sites if landlords refuse to agree to the proposed terms.
The cinema in Dover only opened in 2018 at the St James development as a flagship attraction and the town’s first-ever multiplex cinema.
It was the first business to open at the £53 million retail and leisure complex.
In 2022, the new IMAX and 4DX extension finally opened at its Ashford site on Eureka Leisure Park following a multimillion-pound expansion.
The group, which also runs the Picturehouse chain, is among cinema firms to have been knocked by the growth of streaming services, delays to releases following actor and writer strikes, and the increased cost-of-living for customers.
It is understood that financial services firm AlixPartners has acted as an adviser during the restructuring proposals process which took place this month.
The group was listed on the London Stock Exchange until last year when it was taken over by investors and hedge funds after it had been hamstrung by its multibillion-pound debt pile.
The investors exchanged billions of pounds worth of debt for equity in the business after the group also filed for bankruptcy protection in the US.
Earlier this year, Cineworld backed out of the Picturehouse theatre it owned in Ashford, six years after it opened.
Bosses decided to end their lease at their site in Elwick Place saying it was a hard decision to leave the town centre.
It has since been taken over by Ashford Borough Council and renamed The Ashford Cinema.
The authority took over in May saving 26 jobs.