Cineworld has been hit as Hollywood pulled blockbuster releases
Cinema giant eyes UK shutdowns after failure to renegotiate rents with local landlords
Cineworld, the world’s second largest cinema chain, is considering permanent closures across the UK as ticket sales fail to recover from Covid-19 restrictions.
Lockdown has caused months of difficulty for the company as cinemas had to close and Hollywood titles delayed big film releases.
Company shares fell further on Thursday November 19 amid rumours that Cineworld is considering permanently closing some locations.
The chain is now struggling to pay rent on time. The Financial Times reports that Cineworld has “hired advisers to negotiate with lenders and landlords” in the hopes of finding a lifeline.
Melisa White, a former staff member of the Cineworld branch in Shaftesbury Avenue, said: “I had hope that Cineworld would get back on its feet and continue to be a part of our culture and a part of my livelihood. Me and my friends love visiting the cinema and I enjoy working in this industry because I love movies”.
Cineworld have not confirmed the reports.