People who visit Cineworld cinemas in the UK 'warned'

People who visit Cineworld cinemas have been warned after branches were put at risk of closure. Cineworld - which has 100 sites nationwide - is set to close "dozens" of cinema complexes in a major blow to film buffs and movie fans up and down the UK.

Sky News has learnt that the company, which until last year was listed on the London Stock Exchange, is considering closing about a quarter of its roughly-100 British multiplexes. Cineworld also wants to renegotiate rent agreements at a further 50 sites, with the remaining 25 untouched by the restructuring.

In response to an enquiry, a Cineworld spokesperson said: "We continue to review our options but we don't comment on rumours and speculation." Sky News reported back in June that Cineworld was holding initial talks about a sale with prospective buyers.

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Sky News reported that it had then switched to a formal restructuring process. In a statement issued to Sky News earlier in the month, it said: "Like many businesses, we are continually reviewing our UK operations." Sky News revealed earlier this month that Cineworld had drafted in AlixPartners to consider a sale.

The company trades from more than 100 sites in Britain, including at the Picturehouse chain, and employs thousands of people, although its public relations adviser refused to confirm either figure. Cineworld, which also trades under the Picturehouse brand, filed for hapter 11 bankruptcy protection in the US in 2022 as it grappled with a multi-billion dollar debt pile.

It delisted from the London Stock Exchange in August last year after a collapse in its share price. Alix Partners, who have reportedly been hired to advise on the restructure, declined to comment. The restructuring is expected to be carried out through a specific insolvency mechanism rather than a company voluntary arrangement (CVA).