Yahoo News Cineworld reportedly planning to shut quarter of cinemas
Cineworld is reportedly planning to axe around a quarter of its UK locations - casting uncertainty over the future of atria Watford's cinema.
The international chain, which runs around 100 sites nationwide including one in atria Watford, is expected to launch closures as part of a formal restructuring plan.
Sky News reported that the group, which was taken private last year, will also seek renegotiated rents on around 50 other cinemas, with the remaining roughly 25 sites untouched by the process.
The Cineworld in atria Watford. (Image: UGC) Atria Watford and Cineworld have been contacted for comment.
The Watford cinema opened in 2018 with nine screens and a multi-projection 270-degree screen which uses IMAX® with Laser technology to create a better image.
The restructuring plans are expected to be formally shown to its creditors, including landlords, in the next few weeks.
Inside the 270-degree screen in the atria branch.
Cineworld was forced to file for a “reorganisation” bankruptcy in 2022 amid billions of dollars of debt, and was unable to find a buyer willing to pay in cash for the entire company.
But in a deal struck with creditors last year, it was taken off the London Stock Exchange and billions of dollars of debt were exchanged for shares in the company.
A Cineworld spokesperson said: "We continue to review our options but we don’t comment on rumours and speculation."
Atria Watford was contacted for comment.
