Cineworld to close dozens of cinemas as it restructures

Cinema chain Cineworld is to close 25 of its 100 UK cinemas and renegotiate the rent on 50 more, it has been reported. Sources told Sky News the plan is to be formally set out to creditors in the days ahead.

The report comes after it was reported the chain was in talks with a potential buyer, which has now been switched to a formal restructuring process. A Cineworld spokesperson said: "We continue to review our options but we don't comment on rumours and speculation."

Last year Cineworld said new chief executive Eduardo Acuna would work alongside new chairman Eric Foss as part of an overhauled management team hired by lenders of the group. Cineworld filed for Chapter 11 bankruptcy in the US after being weighed down by its mammoth debts and weaker-than-hoped audience numbers.

It pressed ahead with plans to restructure its roughly five billion US dollars (£3.8 billion) debt pile to allow it to exit bankruptcy. Cineworld’s UK operations were placed into administration last year as part of its restructuring.

But it stressed the move would not affect the British operations for the holding company, with cinemas remaining open as usual. The group also owns the Picturehouse brand.