Now, they have announced this will absolutely be taking place, and it has been reported this will begin from Thursday, October 8. order back issues and use the historic Daily Express Last month, Cineworld reported a $1.6 billion loss in the first half of 2020, with group revenues sinking to $712.4 million from $2.15 billion in the first six months of 2019. Britain has slid into a fresh round of lockdowns and tightened social restrictions in the past month. Cineworld began reopening in July after virus-related restrictions started to ease, but the further postponement of the James Bond film "No Time To Die" and others including Marvel's "Black Widow" have left the months ahead looking bleak. "Although the delay of the latest 007 blockbuster prompted the decision, Bond isn't the villain in this piece," Hargreaves Lansdown analyst Susannah Streeter said.
The boss of rival chain Vue cinemas Tim Richards told BBC Radio: "Our problem right now is we have no movies, and this was a big blow for us. Regal owner Cineworld to shut all theater screens, putting 45,000 jobs at risk, ASML sticks to 2020 outlook as net profit rises, Amazon workers hold Juneteenth vigils demanding Jeff Bezos reflect on company’s treatment of ‘unskilled workforce’, Why do so many Americans refuse to wear face masks? Cineworld’s announcement will increase pressure on the government for more support for the entertainment and arts industry, which still has 51% of workers on furlough. By 0915 GMT, they were 30% lower, taking their loss this year to more than 90%. Studios have chosen to release some of this year's major planned blockbusters on Netflix or the Disney Plus streaming platform, and have canceled others until 2021. Cineworld, one of the world’s biggest movie theatre chains that has been badly hit by coronavirus restrictions, has warned that it may need to raise more money if … At present, it seems this decision is a financial one, meaning while Cienworld has not gone bust, it is making a tough call to protect its finances and its staff from the potentially shocking effects of coronavirus. "From a liquidity point of view, we were bleeding much bigger amounts when we are open than when we were closed," Greidinger said. Cineworld Warns COVID-19 Still Threatens Its Future. The company said it is assessing several sources of additional liquidity and all liquidity raising options are being considered. The spread of COVID-19 around the world has been a horror movie for the industry and the fresh wave of infections is the latest installment in what’s been a devastating story for cinema chains,” Streeter said. "The spread of Covid-19 around the world has been a horror movie for the industry and the fresh wave of infections is the latest installment in what's been a devastating story for cinema chains.". With the shocking news now out - when will Cineworld close and has it gone bust?
As noted in its Interim Results announced on September 24, 2020, Cineworld is assessing several sources of additional liquidity and all liquidity raising options are being considered.". Cineworld’s announcement follows a series of high-profile delays in recent weeks, including the Fast & Furious sequel, F9, which has been delayed until the end of May 2021, analysts at Citigroup said. You can change your choices at any time by visiting Your Privacy Controls.
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Cineworld has announced it will be closing its cinemas in the USA and the UK. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said the beleaguered entertainment industry has taken another huge blow with the confirmation that all of Cineworld’s venues will close their doors temporarily. If it is the case these workers are asked to take temporary redundancy, that will mean potentialy 45,000 workers in this position, though at present it has not been made clear if this is the route down which the cinema chain will go. Shares in Cineworld plunged 57% on Monday, after the world’s second-largest movie chain confirmed it will temporarily close its cinemas in the U.K. and the U.S., putting 45,000 jobs at risk. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. It seems that there is a vicious circle — with concerns over audience levels, the studios are unwilling to release their strongest content. Rick Moranis: Ghostbusters star injured after being punched in head, Avengers film order: Iron Man to Endgame - movie series chronology.
“We did everything in our power to support safe and sustainable reopenings in all of our markets,” Greidinger said. Shares in Cineworld, which plunged 57% when the market opened, were trading 27.77% lower in early morning trading on Monday. Movies including the superhero sequel "Wonder Woman 1984" are slated for a Christmas Day release. ", "We are likely going to make it through. "We are especially grateful for and proud of the hard work our employees put in to adapt our theatres to the new protocols and cannot underscore enough how difficult this decision was, Cineworld will continue to monitor the situation closely and will communicate any future plans to resume operations in these markets at the appropriate time, when key markets have more concrete guidance on their reopening status and, in turn, studios are able to bring their pipeline of major releases back to the big screen.". Ekeler to be sidelined up to six weeks with leg injuries. Cineworld's statement on Monday, confirming leaks over the weekend, spelled out the scale of job losses from its move, which affects thousands of ancillary staff including cleaners and security as well as its own employees. Cineworld had also been highly leveraged, having largely funded its acquisition of Regal Entertainment in 2018 through debt. Sign up for free newsletters and get more CNBC delivered to your inbox. The MGM film had been due to be released in April this year, but was then postponed until November because of the pandemic. “Without these new releases, Cineworld cannot provide customers in both the U.S. and the U.K. — the company’s primary markets — with the breadth of strong commercial films necessary for them to consider coming back to theaters against the backdrop of COVID-19,” Cineworld said. Many were hoping Christopher Nolan's latest blockbuster, Tenet, would draw fans back to cinemas, however it has sadly not had the effect many were hoping for. Cineworld's statement follows a grim evaluation by ratings agency S&P on Friday of rival AMC Entertainment, owner of the Odeon chain, which said the U.S.-based group may run out of liquidity … “Although the delay of the latest 007 blockbuster prompted the decision, Bond isn’t the villain in this piece.
“Net debt of over $8bn — thanks mainly to two large leveraged acquisitions in recent years — and a market cap of $540m by the close on Friday left Cineworld in a difficult position to refinance if punters were not coming through the doors; without the Bond franchise to draw people in there was little option — closing its theaters at least gives it a chance to preserve cash and wait for things to improve,” Wilson said. Around 51% of the industry’s workforce were still on furlough as part of the government’s Coronavirus Job Retention Scheme between July 27 and Aug. 9, according to the Office for National Statistics. "Without these new releases, Cineworld cannot provide customers in both the U.S. and the UK... with the breadth of strong commercial films necessary for them to consider coming back to theatres," it said. Cineworld will close its U.K. and U.S. movie theatres this week, leaving as many as 45,000 workers unemployed. He said: "Although cinemas opened in July and have been able to deliver a safe and enjoyable experience, without major new titles then we understand we aren't able to get as many people out of the home as we'd like. Cineworld's statement follows a grim evaluation by ratings agency S&P on Friday of rival AMC Entertainment, owner of the Odeon chain, which said the U.S.-based group may run out of liquidity in six months unless it can raise more capital. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. As noted in its Interim Results announced on 24 September 2020, Cineworld is assessing several sources of additional liquidity and all liquidity raising options are being considered. The next significant release is Pixar’s “Soul,” set for Nov. 20. The world's second-biggest cinema chain is fighting a coronavirus-related collapse in film releases and cinema-going. Read: Cineworld Warns COVID-19 Still Threatens Its Future. As well as this, the delays to large scale movies such as Black Widow, No Time to Die and others are likely part of the cause of the closures, as has been mentioned. The BBC reported workers in Cineworld have been asked to take a temporary redundancy, with a view to taking back their jobs once the chain reopens its cinemas. It’s Not the Only Theater in Trouble. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. What this closure will mean for the UK cinema industry is yet to be seen, but many have spoken out about what it could represent for other chains.
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