British exhibition giant Cineworld is closing a total of 11 theaters across the U.K. as part of a completed restructuring plan aimed at stabilizing the chain’s operations heading into 2025.
Five locations – Glasgow Parkhead, Bedford, Loughborough, Yate and Swindon Regent Circus – were shuttered following the plan’s July announcement. Six additional sites in Castleford, Leigh, Middlesbrough, Northampton, Poole and Weymouth will close after landlords opted to reclaim those properties.
The restructuring secures £40 million ($50.9 million) in new liquidity while freeing up £35 million ($44.5 million) for cinema upgrades. The company negotiated reduced rents at several remaining U.K. locations to align with market rates.
“The successful completion of our Restructuring Plan, achieved with the crucial support of our landlords, protects thousands of jobs across the U.K. and provides us with the financial stability to continue investing in delivering extraordinary experiences for our valued customers,” said Javier Sotomayor, president of Cineworld International.
The U.K. moves come as parent company Regal Cineworld Group secured a new $1.9 billion term loan facility on Dec. 3, projected to yield $60 million in annual interest savings. The exhibitor is also raising $250 million in equity to fund U.S. theater upgrades including recliners and digital enhancements.
Cineworld remains the second-largest global cinema operator, with 90 locations across the U.K. The chain’s premium offerings include 27 Imax screens in the U.K. and Ireland, including a laser Imax system at its Leicester Square flagship. Other formats include 4DX motion seats, 270-degree ScreenX and Dolby Atmos-equipped Superscreen auditoriums.
The company’s slate features “Paddington in Peru,” “Gladiator II,” “Wicked,” “Moana 2” and “Mufasa: The Lion King.”
English (US) ·