Rolling coverage of the latest economic and financial news
- Cineworld to temporarily suspend operations in UK and US
- 45,000 employees impacted
- Closures begin on Thursday
- James Bond delay was final blow
Also coming up…
- UK car sales fell around 4% in September
- Global markets rise on Trump medical news
Cineworld has also told shareholders that it is considering ‘all options’ for new fundraising:
Cineworld’s main priorities remain the safety of customers and employees, cash preservation and cost reduction. As noted in its Interim Results announced on 24 September 2020, Cineworld is assessing several sources of additional liquidity and all liquidity raising options are being considered.
Here’s some early reaction to Cineworld’s decision:
Cineworld confirms closure of 127 UK cinemas & 536 in US. “Cineworld cannot provide customers in both the US and the UK – the company’s primary markets – with the breadth of strong commercial films necessary for them to consider coming back to theatres“
Cineworld confirms its temporarily closing all its cinemas in the US (536) and in the UK (127) from Thursday, affecting 45,000 employees.
Film studios holding back films, like the new James Bond, might find there are far fewer cinemas around when they do finally release.
