Cineworld has just announced the initial batch of UK cinemas that will be closing as part of its restructuring strategy.
In this first phase, theaters in Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate, and Swindon Circus are slated for shutdown in the coming months.
The company is now beginning consultations with the employees at these locations and will strive to offer redeployment opportunities at nearby cinemas.
However, Cineworld has cautioned that the final number of closures won’t be clear until the entire restructuring process is complete.
According to sources speaking with SkyNews, Cineworld, which currently operates around 100 sites across the UK, is anticipated to shut down approximately 25 locations.
This restructuring plan will be reviewed by the court, and if approved, the changes are expected to come into effect by September. The decision to close these six cinemas is attributed to their lack of commercial viability, part of Cineworld’s effort to restore profitability.
Additionally, the plan includes negotiating lower rental costs with landlords across the UK.
Cineworld has noted that some of their current rents exceed market rates due to a decrease in cinema market rents over recent years.
While the exact number of sites asking for rent reductions remains unclear, SkyNews previously reported it to be around 50.
A Cineworld spokesperson commented on the situation, stating: “We are implementing a Restructuring Plan that will provide our company with a strong platform to return to profitability, attract further investment, and ensure a sustainable future for Cineworld in the UK.”
Despite the restructuring, Cineworld’s theaters will continue to operate as usual, and the plan will not impact its operations outside of the UK.
The company is receiving advice from AlixPartners.
Potential for New Operators
Even with the planned closures, other cinema chains might step in to take over these sites.
Tim Richards, CEO of Vue, has expressed interest in acquiring cinemas from rival operators, provided they complement Vue’s existing circuit.
Richards noted, “We’ve shown over the last 20 years that acquiring and merging cinemas is a part of our strategy.”
Customer Reactions and Ticket Pricing
The news of these closures has sparked a wave of customer reactions, particularly regarding the perceived high cost of cinema outings.
Many patrons have taken to social media to lament the expensive nature of cinema trips today, recalling more affordable days like Orange Wednesdays and Saturday morning pictures for £1.
Recent calculations from MailOnline suggest that a family of four attending a 4DX screening at Cineworld could face a staggering bill of up to £105, including snacks and drinks.
Cineworld’s Family Ticket Offerings
Cineworld has disputed these high figures, asserting that their Family Ticket deals offer a more economical option.
For instance, with the Cineworld Family Ticket, adults pay children’s prices, making a regular 2D screening of *Inside Out 2* at Cineworld Wandsworth cost just £31.96 for a family of four.
Upgrading to 4DX with a family ticket also includes added effects like water, wind, and moving seats, with a discount on food available through their Family Special deal.
Broader Industry Context
Cineworld’s struggles are part of a larger trend affecting the cinema industry. Brands like Picturehouse, Odeon, and Empire have also had to close locations recently.
The UK cinema landscape has been shrinking, from 879 cinemas in 2020 to just 825 now, according to the UK Cinema Association.
The industry faces ongoing challenges, including the impact of the pandemic, the cost of living crisis, and ongoing strikes affecting film production.
Additional Sites at Risk
Here’s a list of Cineworld locations at risk:
1. Cineworld Queens Links, Aberdeen
2. Cineworld Union Square, Aberdeen
3. Cineworld Aldershot
4. Cineworld Ashford
5. Cineworld Ashton-under-Lyne
6. Cineworld Barnsley
7. Cineworld Basildon
8. Cineworld Bedford (closing)
9. Cineworld Belfast
10. Cineworld Broad Street, Birmingham
11. Cineworld NEC, Birmingham
12. Cineworld Boldon Tyne and Wear
13. Cineworld Bolton
14. Cineworld Bracknell
15. Cineworld Bradford
16. Cineworld Braintree
17. Cineworld Brighton
18. Cineworld Broughton
19. Cineworld Burton upon Trent
20. Cineworld Bury St Edmunds
21. Cineworld Cardiff
22. Cineworld Castleford
23. Cineworld Cheltenham
24. Cineworld Chesterfield
25. Cineworld Chichester
26. Cineworld Crawley
27. Cineworld Dalton Park
28. Cineworld Didcot
29. Cineworld Didsbury
30. Cineworld Dover
31. Cineworld Dublin
32. Cineworld Dundee
33. Cineworld Eastbourne
34. Cineworld Edinburgh
35. Cineworld Ely
36. Cineworld Falkirk
37. Cineworld Parkhead, Glasgow (closing)
38. Cineworld Renfrew Street, Glasgow
39. Cineworld Silverburn, Glasgow
40. Cineworld Gloucester Quays
41. Cineworld Harlow – Harvey Centre
42. Cineworld Harlow – Queensgate
43. Cineworld Haverhill
44. Cineworld Hemel Hempstead
45. Cineworld High Wycombe
46. Cineworld Hinckley (closing)
47. Cineworld Hull
48. Cineworld Huntingdon
49. Cineworld Ipswich
50. Cineworld Leeds
51. Cineworld Leigh
52. Cineworld Llandudno
53. Cineworld Bexleyheath, London
54. Cineworld Enfield, London
55. Cineworld Feltham, London
56. Cineworld Hounslow, London
57. Cineworld Ilford, London
58. Cineworld Leicester Square, London
59. Cineworld South Ruislip, London
60. Cineworld The O2 Greenwich, London
61. Cineworld Wandsworth, London
62. Cineworld Wembley, London
63. Cineworld West India Quay, London
64. Cineworld Wood Green, London
65. Cineworld Loughborough (closing)
66. Cineworld Luton
67. Cineworld Middlesbrough
68. Cineworld Milton Keynes
69. Cineworld Newcastle upon Tyne
70. Cineworld Isle of Wight, Newport
71. Cineworld Spytty Park, Newport
72. Cineworld Northampton
73. Cineworld Nottingham
74. Cineworld Plymouth
75. Cineworld Poole
76. Cineworld Rochester
77. Cineworld Rugby
78. Cineworld Rushden Lakes
79. Cineworld Sheffield
80. Cineworld Shrewsbury
81. Cineworld Solihull
82. Cineworld Speke
83. Cineworld Stevenage
84. Cineworld St Helens
85. Cineworld St Neots
86. Cineworld Stoke-on-Trent
87. Cineworld Regent Circus, Swindon (closing)
88. Cineworld Shaw Ridge, Swindon
89. Cineworld Telford
90. Cineworld Wakefield
91. Cineworld Warrington
92. Cineworld Watford
93. Cineworld Weston-super-Mare
94. Cineworld Weymouth
95. Cineworld Whiteley
96. Cineworld Witney
97. Cineworld Wolverhampton
98. Cineworld Yate (closing)
99. Cineworld Yeovil
100. Cineworld York
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