Cineworld Sheffield: Cinema could close in restructuring plans
Cineworld in Sheffield is at risk of closing amid reports the business could shut a quarter of its UK branches.
The world’s second largest cinema chain, which collapsed into administration last year, could shut about 25 of its 100 venues, Sky News reports.
It is also set to demand reduced rents from landlords at a further 50 sites. The chain has a major outlet at Broughton Lane in Attercliffe, Sheffield.
The firm said it does not comment on rumours or speculation.
Cineworld Group plc was placed into administration in July 2023. At the time it was more than £3bn in debt, run up during the pandemic when it was forced to close sites. It is also battling major streaming services.
This year Cineworld abandoned plans to sell venues after failing to find a buyer, instead pursuing a formal restructuring plan. AlixPartners, the turnaround specialist, is advising the company on the process.
A spokesman for Cineworld said: “We continue to review our options but we don’t comment on rumours and speculation.”
The company also owns Regal in the United States and of Picturehouse, Planet and Cinema City across Europe.