Cinema goers are the latest victims of Britain’s high street plight. A major chain confirmed that 10 branches would close in the next two weeks.
Cineworld, which announced financial struggles earlier this year, has been in administration since July 2023, and is said to have debts worth around £4billion. It has, in total, 128 UK locations with 751 sites worldwide. Restructuring talks continue, as does negotiations with many landlords at UK branches.
It had originally confirmed six closures to take place this month earlier this year, with those branches to close in just a few weeks time.
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Glasgow Parkhead
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Bedford
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Hickley
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Loughborough
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Yate
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Swindon
And it has also been confirmed that one new Cineworld will now not be built, with the proposed Northern Gateway branch in Colchester being scrapped.
According to Colchester City Council, the business “could not proceed” with the lease due to it going through a financial restructuring process – which could be seen as a worrying sign given it is rumoured to be discussing around 100 cinema leases at some point in the next few months.
Cineworld was due to open a new cinema as part of £70m project, just off the A12, but they have withdrawn due to “financial restructuring”.
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Colchester councillor Mark Cory admitted it was “not the ideal situation” but the authority was in discussions over an alternative cinema operator. It left locals furious earlier this week, with many venting to local news outlet the Daily Gazette.
Local resident Jacqui Clark said: “Understandably it may not be profitable for Cineworld, with many people just not being prepared to pay the cost of a cinema ticket in the current financial climate.
“There is less incentive to attend the cinema, particularly when many of us have access to a variety of films on streaming channels that are available on our home TV.
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