Cineworld plans to close 25 UK sites, seek rent reductions on 50, due to streaming competition, movie delays, and rising living costs.
Cineworld, a UK-based cinema chain, is planning to close around 25 of its UK sites as part of a major restructuring plan. The company will also seek rent reductions on another 50 sites. Cineworld has been struggling due to competition from streaming services, delays in movie releases, and increasing living costs for customers. The formal restructuring plan is expected to be outlined to creditors in the coming weeks.
July 25, 2024
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