Cineworld to close all UK, Ireland screens, Sunday Times says

In this news, we discuss the Cineworld to close all UK, Ireland screens, Sunday Times says.

(Reuters) – Cineworld, the world’s second-largest cinema operator, is expected to shut down all screens in the UK and Ireland as early as next week, London’s Sunday Times reported on Saturday.

The owner of the Regal cinema will write this weekend to British Prime Minister Boris Johnson and Culture Minister Oliver Dowden to say that the industry has become “unsustainable” due to the film studios’ decision to postpone films to big budget, the newspaper said.

The new James Bond film, “No Time To Die,” has become the latest blockbuster to launch next year as the movie industry struggles to recover from business amid the coronavirus pandemic.

Cineworld was not immediately available to respond to a Reuters request for comment late Saturday.

The company, which has started to reopen its sites as of July, runs a total of 128 theaters and 1,180 screens in the UK and Ireland.

Cineworld is expected to announce its plan, which could put around 5,500 jobs at risk, as early as Monday, the report added.

In September, the company said it was excited about the release of upcoming films in 2020, including “No Time To Die,” the superhero movie “Black Widow” and Steven Spielberg’s “West Side Story,” though ‘she warned against that. film releases could have an impact on its performance.

“If governments were to tighten restrictions on social gatherings, which therefore might force us to shut down our domain again or further delay film releases, it would negatively impact our financial performance and would likely require raising cash. additional, ”the company said last month.

The release of “Black Widow” and “West Side Story” has also been delayed until 2021.

The efforts to bring audiences back to theaters have proven to be disappointing. While bigger chains like AMC Entertainment, Cineworld, and others have reopened many places, crowds have been slim. Small and medium-sized theater companies have said they may not survive the impact of the pandemic.

Reporting by Aakriti Bhalla in Bengaluru; Editing by Daniel Wallis and Paul Simao

Original © Thomson Reuters

Originally posted 2020-10-04 05:06:10.

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