CINEWORLD has confirmed it plans to reopen its 127 branches in May following the easing of Covid-19 restrictions in the UK.
It has also struck a deal with Warner Bros to screen new films from the franchise 31 days ahead of streaming services when they open again.
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Under the government’s four-step roadmap out of lockdown, cinemas, alongside pubs, restaurants and spas, are allowed to welcome back customers.
Cineworld closed all of its UK screens in October last year after the latest James Bond film was pushed back until spring 2021.
The chain was believed to be “on the brink” after the delay caused shares to drop by 2.5%.
It had already lost £1.3billion globally due to the virus and cut entry to £4 to coax back punters.
Now it hopes the exclusive deal with Warner Bros will encourage film buffs back into screens.
The tie-up includes an extension to show films 45 days ahead of streaming services if a specific box office threshold is met.
It’s not clear what films it will show first, but under a phased reopening of its US sites, the chain has rights to screen Godzilla vs. Kong on April 2 and Mortal Kombat from April 16.
Chief executive Mooky Greidinger said the chain will be monitoring the state of play in the UK while its phased reopening in the US is underway.
The cinemas will reopen with strict Covid-secure rules in place, including social distancing, reduced ticketing and staggered start times.
Mr Greidinger said: “With the health and safety of our customers, staff, and communities as our top priority, we continue to take all the necessary precautions and abide by our CinemaSafe guidelines to confidently provide a safe and comfortable experience.”
Mr Greidinger is inline for a £65million bonus in three year’s time if certain targets are met.
The bonus – which is part of a pot for executives worth up to £208 million – had been described as “excessive”, especially since the company put 5,000 staff in the UK on to the Government’s furlough scheme.
More to follow…
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