UK-based exhibitor Cineworld has confirmed that it will exit six sites as part of a restructuring plan.
The affected sites are Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate and Swindon Circus.
The company is also looking to “reduce rent to market level at some UK locations” according to a spokesperson.
The restructuring plan will also see the company attempt to “obtain further funding to meet its working capital needs, reduce its liabilities, and to benefit from a significant capital expenditure programme in the UK.”
If the plan is approved by the court, it will become effective late September 2024. The total number of sites to close will be confirmed when this process is complete.
A consultation process with employees at the six affected cinemas has begun, and the company will offer redeployment for some staff to nearby sites.
Whilst the plan is implemented, all UK sites will operate as normal, and no cinemas outside the UK are affected. The company has around 100 sites in the UK.
Cineworld added: “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.”
Cineworld, which owns the UK’s Picturehouse chain, emerged from Chapter 11 bankruptcy protection in the US last summer with former Cinepolis exec Eduardo Acuna taking over as CEO.
Last month, Picturehouse confirmed the closures of three London sites: Fulham Road, Stratford East and Bromley Picturehouse.
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