UK-based exhibitor Cineworld is planning to cut hundreds of jobs as part of a restructure that will see around 25 sites close.
Sky News is reporting the cinema operator will unveil its restructure plan this Friday (July 26).
Around 25 sites could close, with rent reductions being sought for 50 sites. Around 25 cinemas will be unaffected. The reports suggest around half a dozen of sites could close this summer.
Other operators are expected to explore acquiring at least some of the closing sites.
The company’s main landlords are understood to include Legal & General and Landsec.
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.
Speaking to Screen in April, Acuna said the UK “did not have the benefit of going through a Chapter 11 process and trimming the rents as much as we did in the US”.
Last month, Picturehouse confirmed the closures of three London sites, Fulham Road, Stratford East and Bromley Picturehouse.
Screen has contacted Cineworld for comment.
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