Cinema chain announces six UK branch closures – London Business News | Londonlovesbusiness.com

Amid restructuring plans Cineworld has announced they are to permanently close six more branches across the UK.

The cinema chain has been hit with financial struggles and in September went ahead with restructuring plans.

Four companies that form Cineworld’s UK arm told the High Court they risk going into administration and then closed Glasgow Parkhead, Loughborough, Bedford, Yate and Swindon Regent Circus branches.

Landlords have decided to reclaim their properties, and six more branches are to close, this include Weymouth, Poole, Middlesbrough, Leigh and Castleford, the Mirror reports.

Cineworld said the restructuring has enabled the company to “address unsustainable operating costs, achieving its key objectives with cost saving initiatives including the reduction of rents to market level at several UK sites, resulting in significant savings.”

“This strengthens the foundation for future profitability and safeguards thousands of jobs across the UK,” they added.

Javier Sotomayor, president of Cineworld International, said, “The successful completion of our Restructuring Plan, achieved with the crucial support of our landlords, protects thousands of jobs across the UK and provides us with the financial stability to continue investing in delivering extraordinary experiences for our valued customers.

“This milestone sets the stage for a brighter future, enabling Cineworld to continue sharing joy in communities across the UK for many years to come.”