UK-based exhibitor Cineworld is closing six more cinemas as its controversial restructuring plan comes to an end, according to Javier Sotomayor,
UK-based exhibitor Cineworld is closing six more cinemas as its controversial restructuring plan comes to an end, according to Javier Sotomayor, president of Cineworld International.
The sites set to close are in Castleford, Leigh, Middlesbrough, Northampton, Poole and Weymouth. The latter will shut on December 30 while the other five sites will be closed on January 19.
Cineworld had its restructuring plan approved by the court in September which saw rent cuts imposed on the cinemas’ landlords and underperforming sites axed. It was a plan strongly opposed by many of Cineworld’s major landlords but was ultimately approved by creditors.
The total number of Cineworld closures is now 11. In July, the company announced the closure of six other cinemas including sites in Glasgow and Bedford. Hinckley was among them but was granted a reprieve after a recent property deal was agreed.
Since putting its restricting plan in place, the company said it has secured additional funds, including £40m in liquidity, and claims it will invest around £35m across its estate, with particular attention on refurbishing existing cinemas.
Cineworld still has around 90 cinemas in operation including its Picturehouse sites.
Javier Sotomayor, president of Cineworld International, said: “The successful completion of our restructuring plan, achieved with the crucial support of our landlords, protects thousands of jobs across the UK and provides us with the financial stability to continue investing in delivering extraordinary experiences for our valued customers.
“This milestone sets the stage for a brighter future, enabling Cineworld to continue sharing joy in communities across the UK for many years to come.”
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