A POPULAR cinema chain is set to shutter three sites for good in just days – and more will follow.
Film fans were devastated to hear their local movie theatres were waving goodbye permanently on October 6.
Several Cineworld sites will be axed[/caption]
It comes as Cineworld made the tough decision to axe their branches in Glasgow, Bedford, and Swindon.
Meanwhile, other locations in Bedford, Loughborough, and Yate are also set to close in a matter of weeks.
The sites will shut for good on these exact dates:
- Glasgow Parkhead (closing October 6)
- Bedford (closing October 6)
- Swindon Regent Circus (closing October 6)
- Loughborough (closing October 13)
- Yate (closing October 13)
It forms part of a major restructuring plan to help the company survive mid troubling times.
A judge recently gave the green light for £16million to be pumped into Cineworld’s four companies which form the business.
The cash came from the business’s parent company, with an extra £35million to also be made available.
Its four companies. Cine-UK Ltd, Cineworld Cinemas Ltd, Cineworld Cinema Properties Ltd and Cineworld Estates Ltd, will also negotiate leases for each of their 101 sites across the UK.
It comes as the chain is also said to be renegotiating rent agreements for around 50 of its sites.
But, 25 cinemas are set to be unscathed by the restructuring plans and will remain open for the foreseeable future.
A spokesperson for the chain said the plan would enable the business for “the long-term and ensure a sustainable future for Cineworld in the UK.”
However, news of the five closures has devasted locals in the affected areas.
One cinema-goer in Glasgow Parkhead, where Cineworld is set to close on October 6, described the move as “brutal”.
While another said: “I’ve got so many childhood memories of Parkhead Cineworld! Such a major loss.”
It comes after the huge cinema chain revealed it expects to come out of bankruptcy protection in July, after receiving backing from lenders.
The chain filed for Chapter 11 bankruptcy in the US last year due to giant debts and loss of revenue.
Meanwhile, another UK cinema chain has fallen into administration and will close multiple sites immediately.
Empire Cinemas operates 14 locations across the country with 129 screens.
A total of six sites will close with immediate effect, including two under the Tivoli brand.
Plus, major cinema chain Odeon has also been forced to shut down several branches.
The movie giant is bringing the curtain down on five of its cinemas forever.
What is happening across hospitality and the cinema sector?
CINEWORLD isn’t the only chain that’s struggling.
Odeon confirmed it would close five of its branches in May last year.
Empire Cinema also closed multiple sites in 2023 after falling into administration in July of the same year.
The company made the decision following “a thorough assessment of all available options”.
The hospitality sector has been struggling too.
In April, family favourite restaurant chain Whitbread revealed it was set to shut more than 200 locations and axe 1,500 jobs.
It shared the plans in its full year results, saying it planned to convert 112 restaurants into hotel extensions while closing 126 “loss-making” venues.
Pub giant Wetherspoons has been closing boozers across the UK too, and Byron Burger fell into administration last year.
In March, pizza giant Papa Johns said it would close dozens of locations.
