Cineworld set for administration but says Valley Centertainment in Sheffield will stay open

By David Walsh
Published 27th Jun 2023, 10:40 BST
Updated 27th Jun 2023, 10:40 BST
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Cineworld will file for administration in July but the company has reassured Sheffield residents their screens will not close.

The world’s second-largest cinema chain hopes to slash its £3.9bn debt pile, run up during the pandemic when it was forced to close many of its sites, according to reports by the BBC. It is also battling major streaming services.

Administration will see its shares suspended and wipe out existing shareholders. But the company stressed their 128 cinemas across the UK – including one on Broughton Lane, Attercliffe – would remain open.

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In a statement, a spokesperson said: “Cineworld continues to operate its global business and cinemas as usual without interruption and this will not be affected by the entry of Cineworld Group plc into administration.

Cineworld stressed their 128 cinemas across the UK – including on Broughton Lane, Attercliffe – would remain open.Cineworld stressed their 128 cinemas across the UK – including on Broughton Lane, Attercliffe – would remain open.
Cineworld stressed their 128 cinemas across the UK – including on Broughton Lane, Attercliffe – would remain open.

“The group and its brands around the world – including Regal, Cinema City, Picturehouse and Planet – are continuing to welcome customers to cinemas as usual.”

The firm says it has generated £628m already by selling rights in the business.