Huge cinema chain gives major update on future as it plans to file for administration
A HUGE cinema chain has given a major update on its future as it prepares to file for administration.
Cineworld said the move is part restructuring plan to help the business come out of bankruptcy.
The world’s second largest cinema chain said it will apply for administration for the London-listed company in July, which will see shares in the firm suspended.
But it stressed that the move will not impact the British operations for the holding company, with cinemas continuing to remain open as usual.
The chain currently has 128 cinemas across the UK and Ireland.
A spokesman for the chain said: “Cineworld continues to operate its global business and cinemas as usual without interruption and this will not be affected by the entry of Cineworld Group plc into administration.
“The group and its brands around the world – including Regal, Cinema City, Picturehouse and Planet – are continuing to welcome customers to cinemas as usual.”
They added that customer membership programmes – Cineworld Unlimited – are also set to continue.
Being an Unlimited member means you can watch any films, as many times as you want, for between £10.99 to £21.90 a month.
It comes after the chain filed for Chapter 11 bankruptcy in the US last year due to giant debts and low footfall to its venues.
Filing for a Chapter 11 bankruptcy means a company intends to reorganise its debts and assets while remaining in business.
At the time, the future of the chain’s 129 UK and Irish cinemas looked to be at risk.
But in April it said would raise $2.26billion (£1.8 billion) in new funding in order to remain operational.
The group also scrapped plans to sell its businesses outside the UK, US and Ireland after potential bidders failed to meet the value desired by its lenders.
The firm operates 103 cinemas under the Cineworld brand across the UK and the Republic of Ireland:
- Aberdeen – Queens Links
- Aberdeen – Union Square
- Aldershot
- Ashford
- Ashton-under-Lyne
- Barnsley
- Basildon
- Bedford
- Belfast
- Birmingham – Broad Street
- Birmingham – NEC
- Boldon Tyne and Wear
- Bolton
- Bracknell
- Bradford
- Braintree
- Brighton
- Bristol
- Broughton
- Burton upon Trent
- Bury St Edmunds
- Cardiff
- Castleford
- Cheltenham
- Chesterfield
- Chichester
- Crawley
- Dalton Park
- Didcot
- Didsbury
- Dover
- Dundee
- Eastbourne at The Beacon
- Edinburgh
- Ely
- Falkirk
- Glasgow – Parkhead
- Glasgow – Renfrew Street
- Glasgow – Silverburn
- Gloucester Quays
- Harlow – Harvey Centre
- Harlow – Queensgate
- Haverhill
- Hemel Hempstead
- High Wycombe
- Hinckley
- Hull
- Huntingdon
- Ipswich
- Leeds – White Rose
- Leigh
- Llandudno
- London – Bexleyheath
- London – Enfield
- London – Feltham
- London – Hounslow
- London – Ilford
- London – Leicester Square
- London – South Ruislip
- London – The O2 Greenwich
- London – Wandsworth
- London – Wembley
- London – West India Quay
- London – Wood Green
- Loughborough
- Luton
- Middlesbrough
- Milton Keynes
- Newcastle upon Tyne
- Newport – Friars Walk
- Newport – Isle of Wight
- Newport – Spytty Park
- Northampton
- Nottingham
- Plymouth
- Poole
- Rochester
- Rugby
- Runcorn
- Rushden Lakes
- Sheffield
- Shrewsbury
- Solihull
- Speke
- Stevenage
- St Helens
- St Neots
- Stoke-on-Trent
- Swindon – Regent Circus
- Swindon – Shaw Ridge
- Telford
- Wakefield
- Warrington
- Watford
- Weston-super-Mare
- Weymouth
- Whiteley
- Witney
- Wolverhampton
- Yate
- Yeovil
- York
- Dublin
It also runs a further 26 cinemas under the Picturehouse brand:
- Ashford
- Bath – Little Theatre Cinema
- Brighton – Duke of York’s
- Brighton – Duke’s at Komedia
- Cambridge – Arts
- Edinburgh – Cameo
- Exeter
- Henley-on-Thames – Regal
- Liverpool – Fact
- London – Bromley
- London – Clapham
- London – Crouch End
- London – East Dulwich
- London – Finsbury Park
- London – Fulham Road
- London – Greenwich
- London – Hackey
- London – Picturehouse Central
- London – Ritzy
- London – Stratford
- London – The Gate
- London – West Norwood
- Norwich – Cinema City
- Oxford – Phoenix
- Southampton – Harbour Lights
- York – City Screen
The company’s shares have plunged almost 99% over the past five years, as it was hit particularly hard by the pandemic, which led to the enforced closure of its cinema sites.
The business has posted significant losses since and has also come under pressure from platforms offering streaming services, such as Netflix and Amazon Prime.
The company employs 28,000 workers globally, with operations in 10 countries.
It runs almost 130 sites in the UK and the Republic of Ireland and roughly 750 globally.
It comes after cinema chain Odeon closed five of its branches earlier this month.
The company made its decision following “a thorough assessment of all available options”.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.