Regal Owner Cineworld to Shutter Six U.K. Sites in Restructuring Bid

Publish date: 2024-08-29

Cineworld, a major player in the U.K. cinema market, has revealed plans to close six of its locations as part of a broader Restructuring Plan (RP) aimed at revitalizing the company’s financial health.

The sites slated for closure include Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate and Swindon Circus.

The closure announcement comes as Cineworld grapples with what it describes as “increasingly high and unsustainable operating costs.” The company’s restructuring efforts extend beyond these closures, encompassing a strategy to renegotiate lease terms and reduce rents to market levels at select UK locations.

Related Stories

Illustration of a video game controller surrounded by a recycle icon VIP+

‘Until Dawn,’ ‘Silent Hill 2’ Remakes Show Relevancy of Retreading IP

Kay Scarpetta cast Amazon

Amazon Greenlights Kay Scarpetta Series Starring Nicole Kidman and Jamie Lee Curtis, Adds Five Cast Members

Cineworld’s proposed RP, if approved by the court, is expected to take effect in late September 2024. The plan aims to provide the cinema chain with access to additional funding, reduce liabilities and support a significant capital expenditure program in the U.K.

Popular on Variety

Employees at the affected sites will enter a consultation process, with Cineworld pledging to offer redeployment opportunities at nearby locations where possible. The company emphasized that the total number of impacted sites remains fluid until the restructuring process concludes.

A Cineworld spokesperson stated: “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 U.K.”

Cineworld owns the Regal cinema chain in the U.S. The RP will not affect Cineworld’s operations outside the U.K., and the company assured that all its U.K. cinemas will continue to operate normally during the restructuring period.

The closure of these six Cineworld locations comes on the heels of recent shutdowns within the company’s Picturehouse chain. In June, Picturehouse confirmed the closure of three London sites – Fulham Road, Stratford East and Bromley Picturehouse.

Read More About:

Jump to Comments

More from Variety

Most Popular

Must Read

Sign Up for Variety Newsletters

By providing your information, you agree to our Terms of Use and our Privacy Policy.We use vendors that may also process your information to help provide our services. // This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply.

Variety Confidential

A Variety and iHeartRadio Podcast

ncG1vNJzZmiukae2psDYZ5qopV9nfXOAjp%2BgpaVfnLmwrsClZpyhnprEsL7LnWSuo12Ytq%2BxzJpknKSfqMKzsYxqaWxuYG2EeH6QaA%3D%3D