CINEWORLD in Weymouth appears to have escaped a round of closures announced by the company over the weekend.
On Friday, Cineworld was expected to announce site closures and hundreds of job losses as part of a restructuring plan.
READ MORE: Weymouth Cineworld at risk of closure and job losses
Earlier in the month the cinema chain was reportedly drawing up plans to exit dozens of its roughly 100 sites.
Around 25 closures were expected to be announced and the company has so far revealed six closures, it is unknown if more will be announced in due course.
It means Cineworld in Weymouth will continue to operate at least until September.
The company has been in preliminary talks with some of Britain's biggest commercial landlords, including Landsec and Legal & General, about the plans.
Cineworld on New Bond Street in Weymouth is one of the cinemas that is at risk of closure.
READ MORE: Residents 'worry' as Weymouth Cineworld at risk of closure
It is the only cinema in Weymouth and one of only four in Dorset, not including the BCP area.
On Saturday, July 27, Cineworld announced the closure of cinemas in Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate and Swindon - Regent Circus.
The business, which is part of the world’s second-largest cinema chain, has struggled since the Covid pandemic as audiences have failed to return to previous levels.
The move is designed to return the business to profitability, a statement said.
Cineworld, which also owns Picturehouse, entered administration in July 2023 – struggling with debt estimated to be almost £4 billion.
The company had been trying to find a buyer for some or all of its sites but, after failing to do so, announced plans to close the six sites it deemed “commercially unviable”.
PR representatives of the company denied media speculation that they had identified more sites for closure than the six listed.
They said Cineworld is starting a consultation process with employees at the six affected sites and will offer redeployment to as many of them as possible at sites nearby.
Cineworld said it also proposes to try to negotiate rent reductions “to market level” at some UK locations, which may include Weymouth.
The restructuring plan still needs to get court approval but, while the process is ongoing, all Cineworld cinemas in the UK will continue to operate as normal until at least late September.
A Cineworld spokesperson said: “We are implementing a restructuring plan that will provide our company with a strong platform to return our business to profitability, attract further investment from the Group, and ensure a sustainable long-term future for Cineworld in the UK.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel