Cineworld confirms it is considering bankruptcy

Source: BBC

Cineworld confirms it is considering bankruptcy

By Noor Nanji
Business reporter, BBC News

22 August 2022

Cineworld has confirmed it is considering filing for bankruptcy in the US, as the cinema chain continues to struggle with $5bn worth of debt.

But the company, which also owns the Picturehouse chain in the UK, insisted its cinemas "remain open for business" and that there would be "no significant impact" on jobs.

Cineworld employs more than 28,000 people globally.

Like other cinema chains, Cineworld was hit hard by the pandemic.

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Cineworld said on Monday it was looking at various options for how to restructure the business, including a Chapter 11 filing in the US.

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Read more: https://www.bbc.com/news/business-62629932