Cineworld names first sites earmarked for closure in major restructuring

Cineworld has named six cinemas that it will close, including two in the East Midlands, as part of a restructuring that could result in around 25 sites being shut.

The cinemas in Loughborough and Hinckley will shut in two months’ time if the cost-cutting plans get legal approval.

Four other cinemas across the UK are to close as part of the firm’s restructuring plans.

A statement from the chain on Saturday described the cinemas as “commercially unviable”.

The statement said: “Against a background of increasingly high and unsustainable operating costs, the business is set to implement a restructuring plan that will enable it to address its lease portfolio and rental terms with landlords in the UK.”

The chain hopes it will “return our business to profitability” and “ensure a sustainable long-term future for Cineworld in the UK”, it added.

Cineworld currently operates more than 100 sites in the UK, including at the Picturehouse chain.

The firm’s multibillion-dollar debt mountain led it into crisis, though, and forced the company into Chapter 11 bankruptcy protection two years ago.

Cineworld delisted from the London Stock Exchange last August, having seen its share price collapse amid fears for its survival.