Jul 27, 2024
Cineworld to shut six branches as part of restructure
PA. Cineworld has announced plans to close six cinemas across the UK as part of a wide-ranging restructuring plan. Cineworld entered administration in July 2023 while struggling with a debt pile estimated to be almost £4 billion. The company is part of the Regal Cineworld Group, and when the UK operation entered administration, Cineworld employed more than 28,000 staff across 751 sites globally, with 128 locations in the UK and Ireland. In 2019, the last full year before the pandemic hit, Cineworld reported sales of $4.4bn. While audiences started returning after the pandemic, the organisation said in 2022 that it expected its admission for 2023 and 2024 to remain below pre-pandemic levels. 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.".
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