Cineworld plans to scrap hundreds of job in new plans
Cineworld is to cut hundreds of jobs and close around 25 theatres under new restructuring plans, according to reports.
The cinema company, which currently runs around 100 sites across the country, will publish details of its plan on Friday, Sky News has reported.
The exact number of job losses is unknown, but a source has said it will be "at least in the hundreds."
Around half a dozen Cineworld cinemas will start the closure process immediately and shut down by the end of this summer.
The company has begun talks with some of Britain's largest commercial landlords, including Landsec and Legal & General, about its restructuring plans.
A majority of creditors must approve Cineworld's proposal to close the sites and seek rent reductions at another 50.
If approved, around 25 cinemas will be left unaffected.
Some landlords are reportedly considering opposing the proposals, though it is unclear if they have enough support to block the plans.
Cineworld initially discussed selling the business with potential buyers but has now shifted its focus to a formal restructuring process. The company is being advised by AlixPartners.
It is expected that other cinema operators will try to take some of Cineworld's sites.
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The group, which also runs the Picturehouse chain, is among the cinema firms to have been knocked by the growth of streaming services, delays to releases following actor and writer strikes, and the increased cost of living for customers.
Cineworld was forced to enter Chapter 11 bankruptcy protection in 2022 due to a mounting multibillion-dollar debt.
It was delisted from the London Stock Exchange last August after its share price collapsed amid fears for its survival.
Cineworld did however, strike a deal where several billion dollars of debt was exchanged for shares, and a significant amount of new money was injected into the company by a group of hedge funds and other investors.
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