CINEWORLD is closing the first of six screens for good tomorrow.
The cinema chain’s multiplex in Weymouth will shut for the final time on Monday, December 30.
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It’s one of six sites set to close in the coming weeks after Cineworld completed a restructuring plan launched in the summer to shore up its finances.
The cinema chain successfully negotiated rent reductions at dozens of its 90 UK sites, resulting in significant savings and allowing the company to better shore up its finances.
However, landlords at six sites, including Weymouth, ended their contracts with the chain.
Customers have taken to social media to share their sadness over the Weymouth closure.
One person said on Facebook: “Gutted! My son loves going to Cineworld in Weymouth.
“There are very few places for disabled people to go in Weymouth but this was one of them. Shame of you landlord!”
Another said: “Heartbroken doesn’t even cover it.
“You’ll truly be missed Cineworld Weymouth.
“Shoutout to everyone who worked here, you made it so much more than just a cinema.”
A third customer said: “There will nothing for children/families to do in town now!”
Weymouth Cineworld said in a statement: “After 25 years of providing movie lovers with a place to feel more, we regret to inform you that, following the landlord’s decision to reject our proposals, we will be closing on December 30.
“Unlimited members will be contacted shortly via email with details about membership cancellations and options to transfer to another Cineworld site.”
A further five sites are set to close in:
- Castleford
- Leigh
- Middlesbrough
- Northampton
- Poole
We’ve asked Cineworld to confirm when the other sites will close for good.
The recent closure announcements came just days after Cineworld closed its screen in Shaw Ridge, Swindon.
What has happened at Cineworld?
The recent closures have formed part of a major restructuring plan to keep the company’s head above water.
In October, a judge gave the go-ahead for £16million to be injected into Cineworld’s four companies which form the business.
Cineworld has bolstered its financial position further by gaining access to additional funding, including £40 million in liquidity.
Alongside this, the company is set to invest up to £35 million in capital expenditures, focusing on the refurbishment and enhancement of existing cinemas.
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.”
This development follows a long period of trouble at Cineworld.
Just last year, the business emerged from Chapter 11 bankruptcy in the US.
Filing for a Chapter 11 bankruptcy means a company intends to reorganise its debts and assets while remaining in business.
The company’s shares plunged almost 99 per cent in the five years to 2023, as it was hit particularly hard by the pandemic and the enforced closure of its cinema sites.
Shortly after, Cineworld’s UK arm collapsed into administration on July 31.
The cinema chain was de-listed from the London Stock Exchange a day later.
When a company enters administration in the UK, all control is passed to an appointed administrator, who must be a licensed insolvency practitioner.
Many major cinema chains have struggled following the pandemic as customers got used to streaming films from home.
Big blockbusters such as the Barbie Movie and Oppenheimer drove punters back to the movie theatre last year, but it has not been enough to keep some venues afloat.
What is happening across hospitality and the cinema sector?
CINEWORLD isn’t the only chain that’s struggling.
