It’s been reported that the Cineworld Group – the second largest cinema chain in the world – is preparing to file for bankruptcy.
According to the Wall Street Journal, the Cineworld Group, that owns the cinema chain of the same name in the UK (as well as Picturehouse) and Regal Cinemas in the US, is preparing to file for bankruptcy.
In recent months and weeks, the company has been struggling – especially in terms of getting bums back on seats following the pandemic. Now, it’s being reported that the issues have become so severe that the company will file for bankruptcy. According to the Wall Street Journal, the share price has already dropped by 21% today following the news.
The Cineworld Group is the second largest cinema chain in the world. It operates in ten countries, and has 790 sites and 9,500 screens.
Based in London, the firm was faced with potential bankruptcy in 2020 but was saved by creditors.
This is very sobering news for cinema lovers. Even with big and successful blockbusters like Top Gun: Maverick drawing audiences back to screens, it seems cinema chains are continuing to struggle financially.
We’ll keep you updated on this story as it unfolds.
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