If the cost-cutting measures are approved by the law, the theaters will close “late September 2024”.
It stated: The company plans to execute a restructuring strategy that would allow it to address its lease portfolio and rental terms with UK landlords against a backdrop of rising and unaffordable operating costs.
The chain has stated that it aims to “secure a sustainable long-term future for Cineworld in the UK” and “return our business to profitability.”
When possible, employees at theaters targeted for closure would be “offered redeployment at nearby sites,” including locations the chain has abandoned and taken over by it.
The press release stated “the total number of impacted sites cannot be confirmed until the process is complete” .
News said on Thursday that 25 UK movie theaters would close as a result of the reorganization proposal.
The business emphasized that “a restructuring plan is not bankruptcy but a legal process,” enabling it to create the necessary efficiency to turn a profit once more.
