According to information obtained by News, Cineworld, whose parent company went through several bankruptcy procedures last year, is consulting with advisors over the possible sale of its UK operations.
Cineworld, which employs thousands of people and operates from more than 100 locations throughout Britain, has started corresponding with potential buyers in the last few days.
The restructuring firm AlixPartners, which oversaw the management of Cineworld’s London-listed parent company the previous year, has been brought in to assist with the procedure.
This past weekend, city sources stated that the anticipated duration of the sale process was multiple weeks.
However, they also stated that the movie giant was anticipated to investigate the possibility of a company voluntary arrangement (CVA), which is a further restructuring procedure that might result in the closure of an undisclosed number of its UK theaters.
A representative for Cineworld at its public relations advisor, Hill & Knowlton, stated he was unable to disclose the number of locations the business operated in the UK or the size of its workers.
He made the following comment to News in a statement: “Like many businesses, we are continually reviewing our UK operations.”
Under the Greidinger family’s direction, Cineworld expanded into a worldwide industry behemoth, purchasing chains such as Regal in the US in 2018 and the British company of the same name four years earlier.
