Cineworld is facing potential cinema closures as part of a rescue deal


The Financial Times claims Cineworld has been individually negotiating with landlords for rent cuts at its 127 sites, and the chain has appointed restructuring experts AlixPartners.

Daniel Craig as James Bond in ‘No Time To Die
Daniel Craig as James Bond in ‘No Time To Die’. Credit: Nicole Dove / MGM / The Hollywood Archive

Last month, it was confirmed that the cinema chain would temporarily suspend its operations in the US and UK amid the COVID-19 pandemic, putting thousands of jobs – including 5,500 in Britain – at risk.

Cineworld’s chief executive Mooky Greidinger said in a statement at the time, that the decision to shut their cinemas was not “made lightly”.

“We did everything in our power to support safe and sustainable reopenings in all of our markets – including meeting, and often exceeding, local health and safety guidelines in our theatres and working constructively with regulators and industry bodies to restore public confidence in our industry,” he said.

“Cineworld will continue to monitor the situation closely and will communicate any future plans to resume operations in these markets at the appropriate time, when key markets have more concrete guidance on their reopening status and, in turn, studios are able to bring their pipeline of major releases back to the big screen.”

The cinema chain also reported a huge loss for the first six months of the year after it was forced to temporarily close some cinemas and movie studios delayed the release of some blockbusters including the forthcoming James Bond film, No Time To Die.

Last month, Greidinger wrote to the Prime Minister Boris Johnson with a plea to “save cinemas to avert job losses and a cultural blackout.”

All cinemas in England have been closed since the second lockdown started on November 5.





Source link

Get in Touch

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related Articles

Mark Millon – Going Offsides

What a treat we have today. Not only do we continue the awesome start to Season 2, but we also got to sit...

A bug in Spider Man: Miles Morales gives us the web-swinging patio lamp hero we deserve

As any avid gamer knows, bugs and glitches are part of the deal. Sometimes they take gameplay to a whole other...

Do Freelancers Get Benefits? | Your Guide to Freelance Benefits

Susanna Hayward / Getty Images / Stocksy The pandemic has catapulted capitalism into a future unknown—and the gig market into center focus. Pandemic-related layoffs have...

Get in Touch

21,097FansLike
2,455FollowersFollow
16,800SubscribersSubscribe

Latest Posts

Mark Millon – Going Offsides

What a treat we have today. Not only do we continue the awesome start to Season 2, but we also got to sit...

A bug in Spider Man: Miles Morales gives us the web-swinging patio lamp hero we deserve

As any avid gamer knows, bugs and glitches are part of the deal. Sometimes they take gameplay to a whole other...

Do Freelancers Get Benefits? | Your Guide to Freelance Benefits

Susanna Hayward / Getty Images / Stocksy The pandemic has catapulted capitalism into a future unknown—and the gig market into center focus. Pandemic-related layoffs have...

6 Reasons You Keep Chasing After The Wrong People

1. You don’t fall in love with people. You fall in love with attention. It doesn’t really matter if you like the person...

Jump Rope Vs. Running: Which One Reigns Supreme

Jump ropes have long been a staple on the playground, but as an adult, it’s a good idea to put them at the...