Cyprus Mail
Business International

Cineworld to close all UK, Ireland screens

James Bond At Madame Tussauds, London

Cineworld, the world’s second-biggest cinema operator, is set to close all its screens in the United Kingdom and Ireland as soon as the coming week, London’s Sunday Times reported on Saturday.

The Regal cinema owner write to British Prime Minister Boris Johnson and culture minister Oliver Dowden over the weekend to say the industry has become “unviable” because of film studios’ decision to postpone big-budget films, the newspaper said.

The new James Bond movie, “No Time To Die,” became the latest blockbuster to be pushed into next year as the movie industry struggles to get back to business amid the coronavirus pandemic. According to Variety, the day after the  the James Bond filmNo Time to Die” was pushed to April 2021, the screens closures was decided.

Cineworld declined to comment on the Sunday Times report.

The company, which started reopening its sites from July, runs a total of 128 theatres and 1,180 screens in the United Kingdom and Ireland.

Cineworld is expected to announce its plan, which could put about 5,500 jobs at risk, as soon as Monday, the report said.

“If Governments were to strengthen restrictions on social gathering, which may therefore oblige us to close our estate again or further push back movie releases, it would have a negative impact on our financial performance and likely require the need to raise additional liquidity,” the company said last month.

The release of “Black Widow” and “West Side Story” has also been delayed until 2021.

Efforts to get audiences back into theaters have proved disappointing. While bigger chains like AMC Entertainment, Cineworld and others have reopened many locations, crowds have been thin. Small and mid-sized theatre companies have said they may not survive the impact of the pandemic.

The Cineworld closures will put up to 5,500 jobs at risk in the U.K, according to Variety.



Related posts

Bank of Cyprus steers into profit in Q3 with income of €137mn

Andrew Rosenbaum

UK banks face losing access to Europe with or without Brexit deal

Reuters News Service

Facebook, Google face tough new regulation in UK

Reuters News Service

Qatar makes major investments in Turkey; ‘growing partnership’ says Emir

Andrew Rosenbaum

EBRD ceases investment in Cyprus; ‘we have supported recovery,’

Andrew Rosenbaum

No-quarantine flights: Delta, Alitalia open travel corridor

Andrew Rosenbaum