Cineworld confirms it is considering bankruptcy

Cineworld has confirmed it is considering filing for bankruptcy in the US, as the cinema chain continues to struggle with $5bn worth of debt.

But the company, which also owns the Picturehouse chain in the UK, insisted its cinemas “remain open for business” and that there would be “no significant impact” on jobs.

Cineworld employs more than 28,000 people globally.

Like other cinema chains, Cineworld was hit hard by the pandemic.

Many theatres were forced to close for extended periods during the lockdowns, or had to operate at a reduced capacity due to social distancing rules.

Cinema chains had hoped blockbusters such as the latest Bond film, Top Gun: Maverick and Thor: Love And Thunder would draw audiences back in after lockdown restrictions eased.

Top Gun: Maverick, starring Tom Cruise, has taken $1.8bn at the global box office, making it one of the top 10 highest grossing films of all time.

But last week, Cineworld warned there had still not been enough major releases to attract…

Continue Reading →

This article was written by and originally published on www.bbc.co.uk