Global cinema big Cineworld is ready to shut its UK websites within the coming weeks, it has been reported.
The Sunday Times says the agency is writing to Prime Minister Boris Johnson and Culture Secretary Oliver Dowden to say the business is now “unviable”.
It will inform them the sector has been hit by the delays of big-budget movies, equivalent to the following James Bond film.
The premiere of the 007 movie No Time To Die has been postponed twice and is now due for launch in April 2021.
Jobs in danger
In September Cineworld reported a $1.6bn (£1.3bn) loss for the six months to June as its cinemas needed to shut due to coronavirus lockdowns.
And it warned on the time that it would want to lift extra money within the occasion of additional restrictions – or movie delays – because of Covid-19.
Now it’s poised to announce the closure of its UK venues, which might have an effect on greater than 120 cinemas and put as much as 5,500 jobs in danger.
Cineworld is the world’s second largest cinema operator, and the biggest within the UK, the place it operates the Cineworld and Picturehouse manufacturers.
Its different theatres globally embody the Regal, Cinema City, and Yes Planet manufacturers.
The movie business had hoped the discharge of No Time To Die would spark a movie-going revival within the UK, with so many cinemas having been mothballed for months following the Covid-19 outbreak in March.
But on Friday the film’s launch was additional delayed till 2 April 2021 “to be able to be seen by a worldwide theatrical viewers”.
As lockdown restrictions all over the world have been progressively lifted in mid-to-late summer season Cineworld had been in a position to reopen 561 out of 778 websites worldwide.
But lockdown closures meant its group revenues sank to $712.4m within the first six months of the yr, in contrast with $2.15bn a yr earlier.
The group loss this yr additionally marked an enormous fall from the pre-tax income of $139.7m seen within the first six months of 2019.
However, when it launched these monetary figures, Cineworld stated latest buying and selling had been “encouraging contemplating the circumstances”, with strong demand for Christopher Nolan’s spy movie Tenet which was launched in September.
In June, Cineworld pulled out of a $2.1bn deal to purchase the Canadian cinema chain Cineplex, a transfer which might result in a authorized battle.