Cinema chain plans reopening
CINEMA chain Cineworld Group Plc, which runs a multiplex in Plymouth, plans to have its venues open by May 2021 and says it has secured the future of the business after obtaining additional cash and slashing costs.
The company, which closed its UK outlets in early October, said it has “secured significant additional liquidity whilst implementing further operational measures to deliver enhanced profitability over the long term”.
The company, which operates 128 cinemas in the UK including a recently-opened IMAX-led multiplex in Plymouth’s £53million city centre Barcode development, said it has taken action to mitigate the impact of these closures whilst “prioritising the welfare of our employees, customers and other stakeholders”.
Mooky Greidinger, chief executive of Cineworld, said: “The measures we are announcing today deliver over US$750million of extra liquidity to support our business.
“Over the long term, the operational improvements we have put in place since the start of the pandemic will further enhance Cineworld’s profitability and resilience. We look forward to resuming our operations and welcoming movie fans around the world back to the big screen for an exciting and full slate of films in 2021.”
Alicja Kornasiewicz, chair of Cineworld, said: “In light of the severe financial challenges facing the group arising from the significant disruption to the entire industry, the board is confident this additional liquidity will preserve and maximise shareholder value over the long term.”