Cineworld has reassured cinemagoers about its UK and Ireland's locations following reports of imminent bankruptcy.
On August 20, the company took to their social channels to share an update with their customers, explaining their cinemas will remain open.
This comes after The Wall Street Journal reported that the cinema chain was ready to file for bankruptcy while continuing to struggle with low attendance amidst its $5 billion worth of debt. As a result, the firm's shares reportedly plummeted more than 60%.
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The company said it was considering various options, including filing for Chapter 11 in the US. This would allow Cineworld to continue operating and reorganising while negotiating with creditors. However, the firm didn't comment on its plans for the UK until now.
On Twitter, the chain shared that they consider the current situation "business as usual."
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"All of our Cineworld cinemas are open for business as usual, and we continue to welcome Cineworld Unlimited members and all of our customers, across the UK and Ireland. We remain committed to being the Best Place to Watch a Movie," their statement reads.
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UK chain Picturehouse, also owned by Cineworld, shared a similar statement on August 21.
"We are pleased to continue to welcome audiences to enjoy a wide range of films at Picturehouse. We are committed to the theatrical experience," they wrote on Twitter.
Cinemas across England, Scotland and Northern Ireland reopened in May last year following lockdown measures.
Over the last two years, many a release has either moved to streaming platforms or been pushed back to make it onto the big screen, including the latest James Bond chapter, No Time To Die, which was delayed three times due to Danny Boyle's departure and the Covid-19 pandemic. Daniel Craig's final outing as Bond finally hit theatres in October 2021 — nearly two years after its original slot of November 2019.
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Stefania is a freelance writer specialising in TV and movies. After graduating from City University, London, she covered LGBTQ+ news and pursued a career in entertainment journalism, with her work appearing in outlets including Little White Lies, The Skinny, Radio Times and Digital Spy.
Her beats are horror films and period dramas, especially if fronted by queer women. She can argue why Scream is the best slasher in four languages (and a half).
