The world’s second largest cinema chain Cineworld is considering slashing rents and permanently closing UK cinemas after lockdown restrictions and a lack of blockbuster films caused business to collapse. Source: https://www.ft.com/content/a49de133-5596-4161-bbe5-02483c74c812 … [Read more...]
Trocadero owners sue Picturehouse Cinemas and Cineworld for £1.4million over ‘unpaid rent’ in pandemic
The owners of the Trocadero Centre are suing cinema chains for £1.4 million in the latest stand-off over unpaid rent during the pandemic. A High Court claim has been lodged against Picturehouse Cinemas and Cineworld over alleged unpaid bills dating back to the start of the first coronavirus … [Read more...]
Cinema chain Cineworld calls in AlixPartners and PJT Partners
The world's second-biggest cinema chain Cineworld has brought in a team of consultants from AlixPartners and PJT Partners to help it come through the most challenging period in its 25-year history. Source: https://www.consultancy.uk/news/ … [Read more...]
Cineworld expansion at Ashford continues to take shape despite closure of cinema
The 12-screen Cineworld at Ashford may be temporarily shut, but work on its long-awaited IMAX extension is continuing to progress. A tall structure is beginning to take shape on the Eureka Leisure Park site, with the upgrade already dwarfing the existing cinema. Source: https://www.kentonline.co.uk/ashford/news/ … [Read more...]
Cineworld staff “all kinds of angry” at closure
The Gloucester Quays branch employee, who wished to remain anonymous, has spoken about how staff on zero hour contracts feel let down by the decision to close cinemas across the UK. Source: https://www.gloucestershirelive.co.uk/whats-on/ … [Read more...]
Cineworld set to run out of cash within weeks unless it secures a lifeline from investors, analysts warn
Cineworld could run out of cash within weeks unless it secures a lifeline from investors, analysts have warned. The world's second-biggest cinema chain had roughly £308million in the bank in June, but Bank of America said it was expected to burn through £324million in the following six months. 'This suggests the group could run out of cash in … [Read more...]
