Cineworld to shut six more cinemas - full list of closures
Cineworld has announced the closure of six more theaters, increasing the total number of closed locations to 11.
The movie theater chain has already shut down locations in Glasgow Parkhead, Bedford, Loughborough, Yate, and Swindon Regent Circus earlier this year as part of its reorganization plans.
It has now been announced that it will close its locations in these areas as well:
Cineworld has announced that the Weymouth location will shut down on December 30, and the remaining five theaters will close their doors on January 19.
The Hinckley location was originally slated for closure, but it was saved after a new real estate agreement was reached.
This decision will result in Cineworld operating 90 theaters throughout the UK.
Earlier this year, Cineworld received judicial consent for a restructuring strategy that mandated significant reductions in rent for numerous landlords of its cinemas.
The contentious proposal faced resistance from several well-known property owners, but managed to gain enough backing from creditors to move forward.
The documents shared during the restructuring plan revealed that the company lacked enough funds to cover a rent payment of £15.9 million that was due on June 24.
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The company announced that it has strengthened its financial standing by obtaining extra funding, which includes £40 million in available cash.
The company intends to allocate about £35 million towards improving its venues, especially by renovating its current cinemas.
Javier Sotomayor, the head of Cineworld International, stated: "Finalizing our restructuring plan, thanks to the vital backing of our landlords, ensures the safety of thousands of jobs throughout the UK. This gives us the financial strength we need to keep investing in creating exceptional experiences for our cherished customers."
"This achievement paves the way for a more promising future, allowing Cineworld to keep spreading happiness in communities throughout the UK for years ahead."