More than 100 Cineworld cinemas across the country - including two in the North East - could be at risk, it is being reported.
The cinema chain is going through a bankruptcy process, which began in the US last year, following struggles during the pandemic, and recently gave a bleak update on its future as the company struggles to find a takeover. This has left the company's cinemas at risk of shutting if the worst comes to pass.
On Friday, the firm said it had been approached by a “number” of potential suitors interested in a takeover. But none of them were reportedly willing to pay in cash for the whole business - which currently languishes £5bn in debt, reports The Mirror.
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This leaves all 129 cinemas run by Cineworld in the UK and Ireland at risk, even as they continue to operate and open as usual. Across the globe, Cineworld employs around 28,000 workers across the 10 countries it is in operation.
Even as its future remains uncertain the brand has said it hopes to recover from bankruptcy protection before the middle of this year. The Sun reported the company said it had received a number of “non-binding proposals” for some or all of its business, but it stressed no decision had yet been made.
After it received no all-cash offers, Cineworld's shares plunged further. It has reportedly received proposals for some of its theatres - in central Europe, eastern Europe and Israel - but wants offers for the whole group, including the US and UK markets, its largest markets.
The chain operates 103 cinemas under the Cineworld brand across the UK and Ireland, with some moviegoers potentially fearing the worst. Simultaneously it has said three new Picturehouse cinemas are meant to be opening soon in Chester, Ealing and Epsom.
The pandemic saw attendances to cinemas plummet to zero during lockdown and halted foot traffic for months after. This, according to the Wall Street Journal, was a key factor in pushing the company towards bankruptcy as well as the impact of deferred rent payments from the lockdowns.
The company has said that, during the restructuring process, Cineworld continues to operate its global business and cinemas as usual without interruption. Cineworld and its brands around the world - including Regal, Cinema City, Picture House and Planet - are continuing to welcome customers to cinemas as usual.
The Group continues to honour the terms of all existing customer membership programmes, including Regal Unlimited and Regal Crown Club in the United States and Cineworld Unlimited in the UK.
The full list of cinemas potentially at risk:
- 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
- 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
- Dublin
Cineworld also operates another 26 cinemas under the Picturehouse brand:
- Ashford
- Bath - Little Theatre Cinema
- Brighton - Duke of York’s
- Brighton - Duke’s at Komedia
- Cambridge - Arts
- Edinburgh - Cameo
- Exeter
- Henley-on-Thames - Regal
- Liverpool - Fact
- London - Bromley
- London - Clapham
- London - Crouch End
- 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
- York - City Screen
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