The Strategist

World's second-largest movie theaters chain shuts down theaters in UK and USA

10/05/2020 - 07:25

The second largest cinema chain in the world is on the verge of collapse and intends to shut down of its theaters in the UK, Ireland and the United States next week. This is reported by The Sunday Times with reference to its own sources in the company.

The reason for this decision is the delay of the premiere of the films "No Time to Die" and "F9" by the Universal studio until 2021. Movie theater chains, including Cineworld, struggled to survive the first wave of COVID-19 quarantine measures. Cinemas of the company opened their doors in July. However, the halls were half empty by the fall. Now states, and the UK as well, are re-introducing restrictions due to a new surge in the number of diseases. 

Cineworld has already sent a message to Prime Minister, in which it said that the industry cannot exist if the situation continues. According to the company's management, the delay of the long-awaited premieres of F9 and James Bond makes no point for viewers to return to movie theathers en masse.

In total, the company will close 787 halls in the US, the UK and Ireland, employing 37.5 thousand people. At the end of September, the company already warned investors that it would need to look for additional investments in order to survive if the authorities decided to re-close. The company has not yet commented on rumors about an independent decision to close all the halls in the UK, Ireland and the USA.