MX23RW : Friday, December 4 02:37:39| >> :600:1147620:1147620:

Cineworld 'could permanently close some UK venues'

Cineworld 'could permanently close some UK venues'
Cineworld appoints a restructuring firm in the light of huge financial losses in a move that could see multiple venues closed down permanently.

Cineworld is allegedly considering taking a company voluntary arrangement (CVA) that could lead to the permanent closure of venues around the UK.

The whole cinema industry is reeling from the effects of the coronavirus crisis, with huge financial losses resulting from a combination of most major films being delayed until 2021 and social-distancing measures putting off consumers.

Cineworld operates 128 venues in the UK and Ireland but took the decision to close all of them at the start of October, while all cinemas in general in England have been shut since November 5 as part of lockdown 2.0.

According to the Financial Times, the company has appointed restructuring specialists AlixPartners to explore ways forward after reporting losses of £1.3 billion in the first half of 2020.

The newspaper says that one of the options under consideration is the CVA, a process that could lead venue landlords to accept rent cuts or the complete closure of certain cinemas.

Cineworld has yet to indicate when it may start to reopen some venues, with the lockdown in England currently set to end on December 2.

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