CINEWORLD, owners of Warrington’s state-of-the-art town centre cinema, today confirmed that it is considering a number of “strategic options” including filing for Chapel 11 bankruptcy in the United States.
Similar proceedings were being considered in other jurisdictions. But the company insisted it was “business as usual” at all their cinemas – including those in the UK.
Staff and cinemagoers would not be affected, they said. Cineworld opened in Warrington’s Time Square development in December 2019.
But almost exactly a year later it was forced to closed temporarily because of the COVID 19 lockdown.
Along with other cinema chains, Cineworld has been hit hard by the pandemic.
The company recently said that since cinemas reopened following the lockdown, customer levels had been lower than expected. They blamed “limited” film releases.
Cineworld has 9,189 screens across more than 750 sites and it operates in 10 countries, including the UK, the US, Poland and Israel. It employs more than 28,000 people – 5,000 in the UK alone. It is said to be the second biggest cinema chain in the world.
It is reported to have accumulated debts of around £5 billion, largely as a resulted of the pandemic
The opening of the multi-screen Cineworld in Time Square brought cinema back to Warrington town centre after a period of years during which cinemagoers had to travel to Westbrook or go out of the borough altogether
Cineworld also own the Picturehouse chain of cinemas in the UK.
Work is currently being carried out on the fit-out of a Picturehouse cinema in Chester and, according to Cheshire West and Chester Council, the work is still going on.
