Cineworld shuts down 23 of its theatres, plans more closures - Bloomberg News
Reuters
Published Jan 04, 2023 18:19
Updated Jan 04, 2023 18:35
(Reuters) -Cineworld has shuttered 23 theatre sites since filing for bankruptcy protection last year and plans more closures, Bloomberg News reported, citing a legal adviser on Wednesday.
The closures so far represent about 5% of the company's theatre count in August, according to the report, which added the cinema chain now has 478 sites.
Cineworld did not immediately respond to a Reuters request for comment.
The news comes a day after Cineworld said it will focus on a sale of the group as a whole rather than individual assets.
The company, whose finances were also bled by aggressive expansion including its move into the United States, has warned that any restructuring or sale will result in significant dilution of equity interests with no guarantee of recovery for existing investors.
Separately, Bloomberg reported Cineworld may strike a new in-theater advertising deal with a company other than existing partner National CineMedia Inc in the very near future, citing the cinema operator's bankruptcy lawyer Josh Sussberg.
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Written By: Reuters
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