The World's Second Biggest Theater Chain Is Filing for Bankruptcy
Cineworld is in trouble, and it's not just because they're running low on cash. The London-based theater chain has $4 billion worth of debt to answer with - including more than 9 thousand screens all over the world!
They have operations here at home as well: Picturehouse Cinemas & CineMovies ( Ireland) Regal Entertainment Group US).
A few years ago this would've been hard for any company like them top keep up but now things couldn't be better; thanks largely due
The cinema industry has been struggling recently. This is due largely to the fact that there just aren't enough high-quality movies being released these days
which means attendance at screenings will never really recover until 2021 when new blockbusters come out and pull people back into theaters en masse!
Cineworld Group Plc is currently in talks with lawyers from Kirkland and Ellis LLP as well as consultants at AlixPartners to help it file for bankruptcy.
The company also went through a similar process during COVID-19 but was saved by creditors who gave them an emergency loan
The UK's largest cinema operator, C equivalent has been speaking about its intentions on filing some time ago now after having experienced another tough year financially
following record setting levels of vandalism which saw millions lost due purely because people wanted nothing more nor less out these attacks
Despite a gradual recovery of demand since reopening in April 2021, recent admission levels have been below expectations," Cineworld said in a statement earlier this week