Cineworld is set to “file for bankruptcy” according to reports.
The chain - which is owned by Cineworld Group - has reportedly hired lawyers from Kirkland & Ellis and consultants from AlixPartners to advise the bankruptcy process.
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Cineworld has declined to comment on the Wall Street Journal’s report.
It comes two days after Cineworld said it is assessing options to shore up its finances after it blamed a “limited” film slate for weak audience numbers in recent months.
Shares dived by two-thirds within minutes of reports that the company was perparing to file for bankruptcy.
The reports cast uncertainty over the future of thousands of workers at its 127 UK cinemas.
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Cineworld employs around 28,000 workers globally, with operations in 10 countries.
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Full list of Cineworld cinemas in the UK
- Aberdeen - Queens Links
- Aberdeen - Union Square
- Aldershot
- Ashford
- Ashton-under-Lyne
- Barnsley
- Basildon
- Bedford
- Belfast
- Birmingham - Broad Street
- Birmingham - NEC
- Boldon Tyne and Wear
- Bolton
- Bracknell
- Bradford
- Braintree
- Brighton
- Bristol
- Broughton
- Burton upon Trent
- Bury St Edmunds
- Cardiff
- Castleford
- Cheltenham
- Chesterfield
- Chichester
- Crawley
- Dalton Park
- Didcot
- Didsbury
- Dover
- Dundee
- Eastbourne at The Beacon
- Edinburgh
- Ely
- Falkirk
- Glasgow - Parkhead
- Glasgow - Renfrew Street
- Glasgow - Silverburn
- Gloucester Quays
- Harlow - Harvey Centre
- Harlow - Queensgate
- Haverhill
- Hemel Hempstead
- High Wycombe
- Hinckley
- Hull
- Huntingdon
- Ipswich
- Jersey
- Leeds - White Rose
- Leigh
- Llandudno
- London - Bexleyheath
- London - Enfield
- London - Feltham
- London - Hounslow
- London - Ilford
- London - Leicester Square
- London - South Ruislip
- London - The O2 Greenwich
- London - Wandsworth
- London - Wembley
- London - West India Quay
- London - Wood Green
- Loughborough
- Luton
- Middlesbrough
- Milton Keynes
- Newcastle upon Tyne
- Newport - Friars Walk
- Newport - Isle of Wight
- Newport - Spytty Park
- Northampton
- Nottingham
- Plymouth
- Poole
- Rochester
- Rugby
- Runcorn
- Rushden Lakes
- Sheffield
- Shrewsbury
- Solihull
- Speke
- Stevenage
- St Helens
- St Neots
- Stoke-on-Trent
- Swindon - Regent Circus
- Swindon - Shaw Ridge
- Telford
- Wakefield
- Warrington
- Watford
- Weston-super-Mare
- Weymouth
- Whiteley
- Witney
- Wolverhampton
- Yate
- Yeovil
- York
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Cineworld Cinemas in Ireland
The company also owns Cineworld Dublin, which is the biggest cinema in the country.
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It has 17 screens spread over four floors.
What other cinemas does the company own in the UK?
Picturehouse is owned by Cineworld Group.
It has a total of 26 sites with 93 screens in total.
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The full list of Picturehouse cinemas is as follows:
- Ashford
- Bath (Little Theatre Cinema)
- Brighton (Duke of York’s)
- Brighton (Duke’s at Komedia)
- Cambridge (Arts)
- Chester (coming soon)
- Edinburgh (Cameo)
- Exeter
- Henley-on-Thames (Regal)
- Liverpool (Fact)
- London - Bromley
- London - Clapham
- London - Crouch End
- London - Ealing
- London - East Dulwich
- London - Finsbury Park
- London - Fulham Road
- London - Greenwich
- London - Hackey
- London - Picturehouse Central
- London - Ritzy
- London - Stratford
- London - The Gate
- London - West Norwood
- Norwich (Cinema City)
- Oxford (Phoenix)
- Southampton (Harbour Lights)
- Epsom (coming soon)
- York (City Screen)
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Fears for Cineworld Group’s workforce
Philippa Childs, head of entertainment and media union Bectu, said: “This is very worrying news, not least for the UK’s Cineworld and Picturehouse workforce who have already been through a tumultuous time during the pandemic.
“The UK’s cinema industry suffered an incredible blow due to Covid-19 and this latest news will be very unsettling for cinema workers.
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“We will do everything we can to support our members during this challenging time and will be looking to Cineworld to mitigate the impact of any bankruptcy arrangements on its employees.”