A CINEMA chain is set to close one of its Glasgow locations amid huge plans.
Cineworld has revealed it will shut its Parkhead venue in the city's east end as part of a "restructuring plan".
Announcing the news, the firm said they are looking to "restore the business to profitability".
As part of the plan, the company's proposal is primarily to reduce rent to market level at some UK locations and to exit sites (close down).
Currently, Cineworld has revealed it will shut six sites across the UK, including Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate, and, Swindon Circus.
The business is yet to confirm when these locations will close their doors.
However, it says they will be exiting the six sites due to them being "commercially unviable".
The plan the company has announced comes after the "background of increasingly high and unsustainable operating costs".
Bosses are hoping the proposal will provide the firm with the "opportunity to obtain further funding to meet its working capital needs, reduce its liabilities, and to benefit from a significant capital expenditure programme in the UK".
Meanwhile, revealing the closures, Cineworld has said they are beginning a consultation process with employees at the six affected cinemas and will offer redeployment to as many of them as possible at nearby sites.
Cineworld currently has three venues in Glasgow - Cineworld Parkhead, Renfrew Street, and Silverburn Shopping Centre.
If the restructuring plan is approved by the court, it is expected to become effective in late September 2024.
The total number of impacted sites cannot be confirmed until the process is complete, while the restructuring plan will not affect the Cineworld business outside of the UK.
While this process is ongoing, all Cineworld cinemas in the UK will continue to operate as normal.
A spokesperson for Cineworld said: “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 UK.”
