Cinema chain Cineworld has said that its screens will remain open despite plans to file for administration next month. The cinema chain was hit hard by forced closures at the hand of the COVID-19 pandemic and the Cineworld Group includes cinema brands Regal, Cinema City, Picturehouse and Planet. The move will see Cineworld’s London-listed shares …
Cineworld commits to selling business as a whole
Cineworld has denied that it looked into breaking up the business and selling some of its locations to the owner of its rival, Odeon. The cinema chain said that it was holding out for a buyer that was interested in acquiring the entire business. There had been reports that the British cinema chain, which filed …
UK cinemas hope for stronger winter
Cinemas in the UK are hoping that upcoming blockbuster movie releases in the winter will bring a much-needed boost after a quiet summer. Despite the release of the popular and successful Top Gun: Maverick earlier this summer, it failed to ignite a lasting resurgence for cinema. Since cinemas were able to open in the UK …
National Cinema Day provides boost in UK and US
National Cinema Day in the UK and the US proved successful in providing a boost to ticket sales, with an estimated 8.1 million movie fans attending their local venue in the US and 1.46 million in the UK on Saturday. Discounted tickets were available for £3 and $3 to entice moviegoers back to cinemas, which …
Cineworld reportedly heading for bankruptcy
Cinema chain Cineworld is set to file for bankruptcy according to reports, blaming a failed quick recovery following the COVID-19 pandemic. The London-listed business has hired lawyers from Kirkland & Ellis and consultants from restructuring firm AlixPartners. According to the Wall Street Journal, the company is expected to file a chapter 11 petition in the …
Cineworld shares halve following rescue talks
Cinema chain Cineworld’s market value more than halved after management said that it was in talks with stakeholders about a financial rescue package. The chain has blamed a lack of blockbuster films which has in turn resulted in lacklustre admission levels. Cineworld has managed to rack up a debt of more than $4.8bn (£4bn/€4.8bn) according …
Cineworld tempts fans with one-day ticket deal
Cinema chain Cineworld has unveiled plans for ‘Cineworld Day’ in the UK to entice fans back to the cinema with £3 ($4/€3.60) tickets for all ages. Like a number of other businesses in entertainment and leisure, cinemas were closed for large periods during the pandemic. The promotion will run across all cinemas in the UK …