Delayed releases of blockbusters blamed as Cineworld files for US bankrupcy protection and Vue goes through restructuring
The stratospheric performance of Tom Cruise’s Top Gun: Maverick this summer ignited hopes that a box-office recovery might finally be in full swing after the pandemic shuttered cinemas. However, a subsequent blockbuster drought has left beleaguered theatre owners praying that the Christmas release of mega-sequels to Avatar and Black Panther will pull them back from the brink.
The world’s second-largest cinema chain, UK-based Cineworld, last week filed for bankruptcy protection in the US after succumbing to almost $9bn (£7.75bn) in debt and lease liabilities. The company, which will continue to operate its 751 sites in 10 countries, blamed the pandemic and the slow trickle of new releases for its faltering admissions.
