OVER one hundred cinemas are at risk after a huge chain issued an update following its bankruptcy filing last autumn.
Cineworld said yesterday that it had been approached by a “number” of potential suitors.
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But none of them is willing to pay in cash to buy the whole business which is currently £5billion in debt.
This puts the future of all 129 UK and Irish cinemas at risk.
For now, the chain’s screens remain fully operational and open as usual.
Cineworld employs around 28,000 workers globally, with operations in 10 countries.
The brand said that it hopes to recover from bankruptcy protection before the middle of 2023 – but for now, the future of its UK screen remains patchy.
When a firm files for bankruptcy in the US, the company’s management team remains in control to restructure and deal with debts.
This is unlike when a company collapses into administration in the UK – where an administrator is called in to manage the company’s affairs.
Cineworld said: “The company has now received non-binding proposals from a number of potential transaction counterparties for some or all of the group’s business.
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“The company is reviewing such proposals in conjunction with its advisers and key stakeholders and, whilst no decision has been made as to whether to pursue a sale transaction, and the terms of any such transaction remain uncertain, based on the proposals received to date, it is not expected that any sale transaction will provide any recovery for the holders of the company’s equity interests.”
The firm operates 103 cinemas under the Cineworld brand across the UK and the Republic of Ireland but the future of the following theatres remains uncertain:
- Aberdeen – Queens Links
- Aberdeen – Union Square
- Aldershot
- Ashford
- Ashton-under-Lyne
- Barnsley
- Basildon
- Bedford
- Belfast
- Birmingham – Broad Street
- Birmingham – NEC
- Boldon Tyne and Wear
- Bolton
- Bracknell
- Bradford
- Braintree
- Brighton
- Bristol
- Broughton
- Burton upon Trent
- Bury St Edmunds
- Cardiff
- Castleford
- Cheltenham
- Chesterfield
- Chichester
- Crawley
- Dalton Park
- Didcot
- Didsbury
- Dover
- Dundee
- Eastbourne at The Beacon
- Edinburgh
- Ely
- Falkirk
- Glasgow – Parkhead
- Glasgow – Renfrew Street
- Glasgow – Silverburn
- Gloucester Quays
- Harlow – Harvey Centre
- Harlow – Queensgate
- Haverhill
- Hemel Hempstead
- High Wycombe
- Hinckley
- Hull
- Huntingdon
- Ipswich
- Leeds – White Rose
- Leigh
- Llandudno
- London – Bexleyheath
- London – Enfield
- London – Feltham
- London – Hounslow
- London – Ilford
- London – Leicester Square
- London – South Ruislip
- London – The O2 Greenwich
- London – Wandsworth
- London – Wembley
- London – West India Quay
- London – Wood Green
- Loughborough
- Luton
- Middlesbrough
- Milton Keynes
- Newcastle upon Tyne
- Newport – Friars Walk
- Newport – Isle of Wight
- Newport – Spytty Park
- Northampton
- Nottingham
- Plymouth
- Poole
- Rochester
- Rugby
- Runcorn
- Rushden Lakes
- Sheffield
- Shrewsbury
- Solihull
- Speke
- Stevenage
- St Helens
- St Neots
- Stoke-on-Trent
- Swindon – Regent Circus
- Swindon – Shaw Ridge
- Telford
- Wakefield
- Warrington
- Watford
- Weston-super-Mare
- Weymouth
- Whiteley
- Witney
- Wolverhampton
- Yate
- Yeovil
- York
- Dublin
Cineworld also operates a further 26 cinemas under the Picturehouse brand:
- Ashford
- Bath – Little Theatre Cinema
- Brighton – Duke of York’s
- Brighton – Duke’s at Komedia
- Cambridge – Arts
- Edinburgh – Cameo
- Exeter
- Henley-on-Thames – Regal
- Liverpool – Fact
- London – Bromley
- London – Clapham
- London – Crouch End
- London – East Dulwich
- London – Finsbury Park
- London – Fulham Road
- London – Greenwich
- London – Hackey
- London – Picturehouse Central
- London – Ritzy
- London – Stratford
- London – The Gate
- London – West Norwood
- Norwich – Cinema City
- Oxford – Phoenix
- Southampton – Harbour Lights
- York – City Screen
Cineworld has also said that a further three new Picturehouse cinemas are meant to be opening soon in Chester, Ealing and Epsom.
Cineworld filed for bankruptcy last Autumn, putting its cinemas at risk.
It made the decision after struggling with attendance following the coronavirus pandemic, according to the Wall Street Journal.
At the time, the company hired lawyers and consultants to advise on the bankruptcy process.
It comes as a number of popular companies have gone into administration recently.
And nearly 15,000 jobs have been axed since the start of the year as dozens of retailers collapsed or were restructured.
Retailers, hospitality and entertainment businesses have been feeling the pinch since the pandemic while shoppers are cutting back spending due to soaring inflation.
From the Scottish clothing brand M&Co to the wellies store Joules, a number of familiar brands went bust in 2022.
We’ve listed all of the shops and chains closing down this year.
