The company’s Restructuring Plan has been completed.
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has announced that six more cinemas in England are closing as a result of its Restructuring Plan.
It brings the total number of Cineworld closures in 2024 to 11 across the UK, following five cinemas closing their doors in October.
The Cineworld cinemas confirmed to close are in the following locations: Castleford, Leigh, Middlesbrough, Northampton, Poole, Weymouth.
It comes at a time when UK cinemas are enjoying a strong period with the success of a trio of blockbusters Moana 2 (£21.5 million to date) and Gladiator 2 (£26.6 million to date).
The Restructuring Plan has now been successfully completed and was aimed at securing the long-term future and profitability of Cineworld’s UK cinema operations, enabling the company to address unsustainable operating costs.
The plan included cost-saving initiatives such as the reduction of rents to market level at several UK sites, safeguarding thousands of jobs across the UK.
However, it has now led to six further sites closing after landlords chose to reclaim their properties.
Cineworld has also gained access to additional funding, and is set to invest up to £35 million focusing on the refurbishment and enhancement of its existing cinemas.
“The successful completion of our Restructuring Plan, achieved with the crucial support of our landlords, protects thousands of jobs across the UK and provides us with the financial stability to continue investing in delivering extraordinary experiences for our valued customers,” said Javier Sotomayor, President of Cineworld International.
“This milestone sets the stage for a brighter future, enabling Cineworld to continue sharing joy in communities across the UK for many years to come.”
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