Cineworld set to announce 'hundreds' of job cuts and 25 site closures amid restructuring plan

Heather Carrick
By Heather Carrick

Digital Journalist

25th Jul 2024, 10:24am
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Cinema operator Cineworld is set to announce imminent site closures and “hundreds” of job losses, according to new reports.

Bosses are set to announce a restructuring plan on Friday (July 25) that will include the closure of 25 locations around the UK, Sky News reports. A further 50 sites will undergo discussions on rent reductions.

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Alongside closures, jobs losses are also expected amid the restructuring plan. The exact number of job losses is currently unknown but a source reports that the number is “in the hundreds”.

Cineworld was forced to file for a Chapter 11 bankruptcy protection in the US in 2020 after building up a multibillion dollar debt. Investors took control after it was listed on the London Stock Exchange last year, but was delisted in August 2023 after the share price collapsed.

The company currently operates more than 100 locations in the UK, including its Picturehouse chain of cinemas.

Related topics:CineworldCinemasInvestors

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